Citigroup Inc. Has $178.96 Million Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Citigroup Inc. significantly increased its stake in Eaton Corporation by 128.0% to approximately $178.96 million, owning 658,355 shares as of the latest SEC filing.
• Wall Street analysts have varied ratings on Eaton, with fourteen analysts issuing a buy rating and an average target price of $383.63.
• Eaton reported $2.95 EPS in its latest quarter, exceeding estimates, with revenue of $7.03 billion, marking a year-over-year increase of 10.7%.

Citigroup Inc. lifted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 128.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 658,355 shares of the industrial products company's stock after purchasing an additional 369,544 shares during the quarter. Citigroup Inc. owned about 0.17% of Eaton worth $178,961,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. LaSalle St. Investment Advisors LLC bought a new position in Eaton in the 1st quarter worth approximately $395,000. AlphaCore Capital LLC boosted its stake in Eaton by 27.9% during the 1st quarter. AlphaCore Capital LLC now owns 5,606 shares of the industrial products company's stock valued at $1,524,000 after purchasing an additional 1,223 shares in the last quarter. Flagship Wealth Advisors LLC boosted its stake in shares of Eaton by 125.0% during the 1st quarter. Flagship Wealth Advisors LLC now owns 180 shares of the industrial products company's stock worth $49,000 after acquiring an additional 100 shares in the last quarter. Fayez Sarofim & Co boosted its stake in shares of Eaton by 606.3% during the 1st quarter. Fayez Sarofim & Co now owns 1,025,903 shares of the industrial products company's stock worth $282,262,000 after acquiring an additional 880,656 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Eaton by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 712,968 shares of the industrial products company's stock worth $193,856,000 after acquiring an additional 71,997 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

Shares of NYSE:ETN traded up $2.91 during trading on Friday, reaching $363.07. The stock had a trading volume of 2,139,096 shares, compared to its average volume of 2,683,531. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. The business's 50-day moving average price is $354.99 and its 200 day moving average price is $317.65. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76. The stock has a market capitalization of $141.34 billion, a PE ratio of 36.53, a P/E/G ratio of 2.68 and a beta of 1.18.

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

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. Eaton's payout ratio is presently 41.85%.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction on 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 completion of the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ETN. Evercore ISI raised their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. KeyCorp raised their target price on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Raymond James Financial raised their target price on Eaton from $380.00 to $415.00 and gave the company an "outperform" rating in a report on Thursday. Barclays lifted their price objective on Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Wall Street Zen downgraded Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $383.63.

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.