Bank Pictet & Cie Europe AG Boosts Stake in Eaton Corporation, PLC (NYSE:ETN)

Bank Pictet & Cie Europe AG grew its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 37.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 176,877 shares of the industrial products company's stock after acquiring an additional 47,793 shares during the quarter. Eaton comprises 1.1% of Bank Pictet & Cie Europe AG's investment portfolio, making the stock its 26th biggest holding. Bank Pictet & Cie Europe AG's holdings in Eaton were worth $48,080,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new position in Eaton in the 4th quarter valued at about $1,495,582,000. GAMMA Investing LLC raised its position in shares of 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 buying an additional 3,580,198 shares during the last quarter. Capital International Investors purchased a new position in shares of Eaton during the fourth quarter valued at approximately $523,541,000. Proficio Capital Partners LLC boosted its position in Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after acquiring an additional 730,594 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new stake in Eaton in the 4th quarter worth approximately $231,552,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the sale, the insider now owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. This trade represents a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last three months. 0.30% of the stock is currently owned by corporate insiders.

Eaton Price Performance

Shares of ETN traded down $7.56 during mid-day trading on Tuesday, hitting $330.45. 1,869,956 shares of the company traded hands, compared to its average volume of 2,643,710. The business has a 50-day moving average of $306.54 and a 200 day moving average of $313.96. The stock has a market capitalization of $129.30 billion, a price-to-earnings ratio of 30.40, a PEG ratio of 2.62 and a beta of 1.16. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41.

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

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio (DPR) is currently 41.98%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ETN shares. JPMorgan Chase & Co. lifted their price objective on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Jefferies Financial Group decreased their price objective on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Wells Fargo & Company reissued an "overweight" rating and issued a $355.00 target price on shares of Eaton in a research note on Monday, May 5th. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. Finally, Barclays raised their price objective on Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $368.78.

Eaton Company 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.