34,666 Shares in Eaton Corporation, PLC (NYSE:ETN) Acquired by Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD

Key Points

• Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD acquired 34,666 shares of Eaton Corporation, valued at approximately $9.4 million, indicating strong institutional interest in the company.
• Eaton's quarterly earnings surpassed expectations, reporting $2.72 EPS and $6.38 billion in revenue, reflecting a 7.3% year-over-year increase.
• The company announced a quarterly dividend of $1.04, representing an annualized yield of 1.06%, set to be paid to shareholders on August 22nd.

Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD purchased a new stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 34,666 shares of the industrial products company's stock, valued at approximately $9,418,000.

Several other institutional investors have also modified their holdings of ETN. FMR LLC lifted its stake in Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock worth $5,051,807,000 after acquiring an additional 182,455 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Eaton by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock valued at $2,714,677,000 after buying an additional 129,071 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after acquiring an additional 192,482 shares in the last quarter. Northern Trust Corp lifted its position in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after acquiring an additional 368,241 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after acquiring an additional 3,580,198 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 over the last three months. Corporate insiders own 0.30% of the company's stock.

Eaton Price Performance

Eaton stock opened at $392.29 on Friday. The firm has a fifty day moving average of $344.57 and a 200-day moving average of $316.22. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $393.07. The firm has a market capitalization of $153.50 billion, a P/E ratio of 39.59, a PEG ratio of 2.90 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the business posted $2.40 EPS. The firm's revenue was up 7.3% compared to the same quarter last year. As a group, analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.06%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is 41.98%.

Wall Street Analyst Weigh In

Several research analysts have commented on ETN shares. KeyCorp lifted their price target on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Wells Fargo & Company increased their price target on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Evercore ISI lifted their price objective on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Finally, The Goldman Sachs Group boosted their price target on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $377.89.

About Eaton

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.

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