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Bornite Capital Management LP Has $870,000 Position in Eaton Corporation, PLC (NYSE:ETN)

Eaton logo with Industrials background

Key Points

  • Bornite Capital Management LP significantly reduced its stake in Eaton Corporation by selling 46,800 shares, decreasing its holdings by 93.6% to 3,200 shares, valued at approximately $870,000.
  • Major institutional investors such as Vanguard Group Inc. and Goldman Sachs Group Inc. have increased their positions in Eaton during the quarter, further solidifying the stock's popularity among large funds.
  • Eaton has received mixed ratings from analysts, with a consensus price target of $383.63, as firms are adjusting their ratings and target prices in response to the company's performance and market conditions.
  • Looking to export and analyze Eaton data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Bornite Capital Management LP lessened its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 93.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,200 shares of the industrial products company's stock after selling 46,800 shares during the period. Eaton accounts for approximately 0.2% of Bornite Capital Management LP's portfolio, making the stock its 27th largest position. Bornite Capital Management LP's holdings in Eaton were worth $870,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ETN. Vanguard Group Inc. boosted its holdings in Eaton by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock valued at $10,195,725,000 after purchasing an additional 289,819 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after buying an additional 192,482 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after buying an additional 368,241 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Eaton by 12.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company's stock valued at $1,083,442,000 after buying an additional 427,509 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Eaton by 15.8% in the first quarter. Invesco Ltd. now owns 3,913,209 shares of the industrial products company's stock valued at $1,063,727,000 after buying an additional 533,774 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Down 0.5%

Shares of NYSE:ETN traded down $1.79 during trading on Thursday, reaching $355.70. 1,167,626 shares of the company traded hands, compared to its average volume of 3,061,202. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The firm has a market cap of $138.47 billion, a P/E ratio of 35.79, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18. The firm has a fifty day simple moving average of $357.16 and a 200 day simple moving average of $318.17.

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

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is currently 41.85%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ETN. Evercore ISI raised their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Citigroup raised their price target on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. KeyCorp boosted their price objective 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. Raymond James Financial set a $415.00 target price on shares of Eaton and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company upped their price target on shares of Eaton from $310.00 to $360.00 and gave the company 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 issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $383.63.

View Our Latest Stock Report on ETN

Insider Activity

In other news, insider Olivier Leonetti sold 16,018 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total value of $5,740,691.02. Following the completion of the sale, the insider directly owned 630 shares of the company's stock, valued at approximately $225,785.70. This represents a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Eaton Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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