Blueshift Asset Management LLC Purchases New Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Blueshift Asset Management LLC has acquired a new stake in Eaton Corporation, purchasing 1,130 shares valued at approximately $307,000.
• Eaton recently reported earnings of $2.72 per share, exceeding analysts’ estimates, with a revenue of $6.38 billion, reflecting a 7.3% year-over-year increase.
• The company announced a quarterly dividend of $1.04, representing an annualized dividend of $4.16 and a dividend yield of 1.1%, with a payout ratio of 41.98%.

Blueshift Asset Management LLC bought a new position in Eaton Corporation, PLC (NYSE:ETN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,130 shares of the industrial products company's stock, valued at approximately $307,000.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Eaton by 0.7% in the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock worth $3,593,000 after purchasing an additional 96 shares in the last quarter. Bearing Point Capital LLC purchased a new position in Eaton in the 4th quarter worth approximately $2,713,000. Brighton Jones LLC lifted its stake in Eaton by 4.9% in the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after purchasing an additional 164 shares in the last quarter. Kennebec Savings Bank raised its position in shares of Eaton by 5.4% during the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after buying an additional 139 shares during the period. Finally, American National Bank & Trust raised its position in shares of Eaton by 5.4% during the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after buying an additional 162 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on ETN. Evercore ISI lifted their price target on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Morgan Stanley reduced their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen lowered shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday. Citigroup lifted their price target on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, KeyCorp lifted their price target on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company's stock.

Eaton Stock Down 6.8%

Shares of NYSE:ETN traded down $26.26 during trading on Tuesday, hitting $358.51. The company's stock had a trading volume of 1,583,861 shares, compared to its average volume of 3,039,375. The business has a 50 day moving average price of $352.19 and a two-hundred day moving average price of $317.69. The company has a market capitalization of $140.28 billion, a PE ratio of 36.10, a P/E/G ratio of 2.88 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.03. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.73 EPS. As a group, research analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's payout ratio is 41.98%.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.