Arizona State Retirement System Acquires 738 Shares of Eaton Corporation, PLC (NYSE:ETN)

Arizona State Retirement System grew its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 115,980 shares of the industrial products company's stock after buying an additional 738 shares during the period. Arizona State Retirement System's holdings in Eaton were worth $31,527,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ETN. Realta Investment Advisors boosted its holdings in shares of Eaton by 39.9% during the first quarter. Realta Investment Advisors now owns 2,292 shares of the industrial products company's stock worth $623,000 after purchasing an additional 654 shares during the last quarter. Kathmere Capital Management LLC raised its position in Eaton by 15.2% in the first quarter. Kathmere Capital Management LLC now owns 1,255 shares of the industrial products company's stock valued at $341,000 after purchasing an additional 166 shares during the period. Fort Sheridan Advisors LLC raised its position in Eaton by 52.1% in the first quarter. Fort Sheridan Advisors LLC now owns 2,070 shares of the industrial products company's stock valued at $563,000 after purchasing an additional 709 shares during the period. Berbice Capital Management LLC raised its position in Eaton by 100.0% in the first quarter. Berbice Capital Management LLC now owns 300 shares of the industrial products company's stock valued at $82,000 after purchasing an additional 150 shares during the period. Finally, Riversedge Advisors LLC raised its position in Eaton by 7.9% in the first quarter. Riversedge Advisors LLC now owns 846 shares of the industrial products company's stock valued at $230,000 after purchasing an additional 62 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Trading Up 0.5%

ETN stock traded up $1.89 during trading on Tuesday, hitting $362.18. The company had a trading volume of 2,060,633 shares, compared to its average volume of 2,665,655. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $333.96 and a 200-day moving average price of $313.47. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The stock has a market cap of $141.72 billion, a price-to-earnings ratio of 36.55, a PEG ratio of 2.72 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $6.26 billion. During the same period in the prior year, the firm earned $2.40 EPS. The business's revenue was up 7.3% on a year-over-year basis. As a group, analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analysts Set New Price Targets

Several research analysts have commented on ETN shares. BNP Paribas Exane started coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. The Goldman Sachs Group boosted their price target on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada boosted their price target on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Wells Fargo & Company boosted their price target on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Morgan Stanley cut their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $377.89.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction 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 transaction, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

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.