Banque Pictet & Cie SA Buys 41,259 Shares of Eaton Corporation, PLC (NYSE:ETN)

Banque Pictet & Cie SA grew its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 28.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 188,589 shares of the industrial products company's stock after acquiring an additional 41,259 shares during the period. Banque Pictet & Cie SA's holdings in Eaton were worth $51,264,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Westbourne Investment Advisors Inc. grew its stake in shares of Eaton by 7.5% during the 1st quarter. Westbourne Investment Advisors Inc. now owns 2,068 shares of the industrial products company's stock valued at $562,000 after acquiring an additional 145 shares during the period. Rehmann Capital Advisory Group boosted its position in shares of Eaton by 4.0% in the first quarter. Rehmann Capital Advisory Group now owns 3,393 shares of the industrial products company's stock worth $922,000 after purchasing an additional 132 shares during the period. Cornerstone Planning Group LLC increased its stake in shares of Eaton by 79.5% in the first quarter. Cornerstone Planning Group LLC now owns 289 shares of the industrial products company's stock worth $80,000 after purchasing an additional 128 shares in the last quarter. Dogwood Wealth Management LLC raised its position in shares of Eaton by 26.9% during the 1st quarter. Dogwood Wealth Management LLC now owns 2,148 shares of the industrial products company's stock valued at $584,000 after purchasing an additional 455 shares during the period. Finally, Silphium Asset Management Ltd lifted its stake in shares of Eaton by 12.0% during the 1st quarter. Silphium Asset Management Ltd now owns 19,335 shares of the industrial products company's stock valued at $5,256,000 after buying an additional 2,079 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 sale, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value 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 ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ETN. Wells Fargo & Company increased 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. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Royal Bank Of Canada upped 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. BNP Paribas Exane initiated coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Finally, BNP Paribas began coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $370.63.

Eaton Trading Up 0.8%

ETN traded up $3.03 on Friday, hitting $360.67. The company had a trading volume of 1,697,991 shares, compared to its average volume of 2,667,505. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $379.99. 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 business's fifty day simple moving average is $331.52 and its 200 day simple moving average is $313.54. The company has a market cap of $141.13 billion, a PE ratio of 36.39, a PEG ratio of 2.71 and a beta of 1.17.

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, beating the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 EPS. Equities research analysts expect 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 was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.15%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

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.