Cetera Investment Advisers Acquires 4,090 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Cetera Investment Advisers increased its stock holdings in Eaton Corporation by 2.8% during the first quarter, owning 148,126 shares valued at approximately $40.3 million.
• Several hedge funds, including Capital A Wealth Management and IMA Advisory Services, also made new stakes in Eaton, reflecting a growing interest in the company among institutional investors.
• Analysts have raised their price targets for Eaton, with predictions ranging from $356.00 to $410.00, as the company's consensus rating stands at "Moderate Buy" with a target price of $377.89.

Cetera Investment Advisers grew its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 2.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 148,126 shares of the industrial products company's stock after buying an additional 4,090 shares during the period. Cetera Investment Advisers' holdings in Eaton were worth $40,265,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ETN. IMA Advisory Services Inc. bought a new position in Eaton in the 1st quarter worth approximately $25,000. Capital A Wealth Management LLC bought a new position in Eaton during the 4th quarter valued at $26,000. Creative Financial Designs Inc. ADV boosted its stake in Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. bought a new position in Eaton during the 4th quarter valued at $33,000. Finally, Abound Wealth Management boosted its stake in Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 62 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Stock Up 0.2%

ETN traded up $0.81 during trading on Monday, reaching $392.98. 2,334,412 shares of the stock traded hands, compared to its average volume of 3,069,770. The stock has a market cap of $153.77 billion, a price-to-earnings ratio of 39.65, a price-to-earnings-growth ratio of 2.96 and a beta of 1.17. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The stock's 50-day simple moving average is $344.57 and its two-hundred day simple moving average is $315.82.

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

Eaton Dividend Announcement

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

Analysts Set New Price Targets

ETN has been the subject of several research reports. The Goldman Sachs Group raised their price objective on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Evercore ISI raised their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. BNP Paribas initiated coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. KeyCorp raised their price objective on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, Royal Bank Of Canada raised their price objective on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Eaton presently has an average rating of "Moderate Buy" and an average price target of $377.89.

Insider Transactions at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 in the last ninety days. 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.