Eaton Corporation, PLC (NYSE:ETN) Stock Position Increased by Baldwin Investment Management LLC

Key Points

• Baldwin Investment Management LLC increased its stake in Eaton Corporation by 12.4%, holding 12,344 shares valued at approximately $3.36 million at the end of the recent quarter.
• Eaton's quarterly earnings exceeded expectations, reporting an EPS of $2.72 against a consensus estimate of $2.70, alongside a revenue of $6.38 billion, marking a 7.3% year-over-year increase.
• The company announced a quarterly dividend of $1.04, which equates to an annual yield of 1.06%, with the ex-dividend date set for August 7th.

Baldwin Investment Management LLC increased its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 12.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,344 shares of the industrial products company's stock after purchasing an additional 1,365 shares during the period. Baldwin Investment Management LLC's holdings in Eaton were worth $3,355,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in ETN. Prosperity Consulting Group LLC increased its holdings in Eaton by 8.0% in the first quarter. Prosperity Consulting Group LLC now owns 2,545 shares of the industrial products company's stock valued at $692,000 after buying an additional 189 shares in the last quarter. Portland Global Advisors LLC increased its stake in shares of Eaton by 2.7% during the 1st quarter. Portland Global Advisors LLC now owns 13,177 shares of the industrial products company's stock worth $3,582,000 after purchasing an additional 347 shares in the last quarter. Nemes Rush Group LLC increased its stake in shares of Eaton by 0.3% during the 1st quarter. Nemes Rush Group LLC now owns 77,833 shares of the industrial products company's stock worth $21,157,000 after purchasing an additional 207 shares in the last quarter. Alteri Wealth LLC increased its stake in shares of Eaton by 3.5% during the 1st quarter. Alteri Wealth LLC now owns 2,301 shares of the industrial products company's stock worth $625,000 after purchasing an additional 77 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Eaton by 14.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 464,326 shares of the industrial products company's stock worth $126,218,000 after purchasing an additional 58,009 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Up 0.2%

Shares of ETN traded up $0.81 during midday trading on Monday, hitting $392.98. The company had a trading volume of 2,334,412 shares, compared to its average volume of 1,936,998. The company's 50 day moving average price is $345.85 and its 200 day moving average price is $316.18. The stock has a market cap of $153.77 billion, a price-to-earnings ratio of 39.65, a PEG ratio of 2.96 and a beta of 1.17. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. 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 (NYSE:ETN - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.40 EPS. On average, equities research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio is presently 41.98%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. BNP Paribas Exane assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. The Goldman Sachs Group raised their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. KeyCorp raised their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Morgan Stanley decreased their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $396.00 price target on shares of Eaton in a report on Monday, July 14th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $377.89.

Insider Transactions at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated 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 directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the business'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 directly owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 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.