Allianz SE Sells 1,110 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Allianz SE significantly reduced its stake in Eaton Corporation, PLC by 50% during the first quarter, leaving it with 1,110 shares valued at $302,000.
• Several hedge funds, including GAMMA Investing LLC, have made substantial increases or new positions in Eaton, highlighting a growing interest in the stock among institutional investors.
• Analysts have raised price targets for Eaton stock, with KeyCorp increasing its target from $355 to $410, reflecting a consensus rating of "Moderate Buy" and an average target price of $377.89.

Allianz SE lessened its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,110 shares of the industrial products company's stock after selling 1,110 shares during the quarter. Allianz SE's holdings in Eaton were worth $302,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new position in Eaton in the 4th quarter valued at approximately $42,839,000. Dynamic Technology Lab Private Ltd purchased a new stake in Eaton in the 4th quarter worth approximately $233,000. Finally, Perennial Investment Advisors LLC purchased a new position in shares of Eaton during the 4th quarter valued at $201,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of Eaton stock traded up $2.56 during midday trading on Wednesday, hitting $359.01. The company had a trading volume of 4,506,550 shares, compared to its average volume of 2,483,494. The stock has a market cap of $140.48 billion, a PE ratio of 36.12, a P/E/G ratio of 2.69 and a beta of 1.18. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The business's 50 day simple moving average is $352.77 and its two-hundred day simple moving average is $317.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.84.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter last year, the company earned $2.73 earnings per share. The firm's revenue was up 10.7% on a year-over-year basis. As a group, equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

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

Analyst Ratings Changes

ETN has been the topic of several research reports. Barclays upped their target price on Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a research report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Wells Fargo & Company upped their price objective on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $381.00.

Insider Activity

In other 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 completion of the transaction, the insider directly 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company's stock.

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.