Citizens Financial Group Inc. RI Has $30.94 Million Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Citizens Financial Group Inc. RI increased its stake in Eaton Corporation, PLC by 18.7% during the first quarter, owning 113,720 shares valued at approximately $30.94 million.
• Eaton reported earnings of $2.95 per share for the last quarter, surpassing analyst expectations and showing a 10.7% revenue increase year-over-year.
• The company announced a quarterly dividend of $1.04 per share, representing an annual yield of 1.2% with a dividend payout ratio of 41.98%.

Citizens Financial Group Inc. RI grew its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 18.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 113,720 shares of the industrial products company's stock after acquiring an additional 17,927 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Eaton were worth $30,938,000 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 position in Eaton by 0.8% during the first 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 during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after purchasing an additional 192,482 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Eaton by 8.8% in the 4th 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 during the last quarter. Goldman Sachs Group Inc. grew 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, GAMMA Investing LLC increased its holdings in Eaton by 27,281.9% during the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after buying an additional 3,580,198 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction 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. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by company insiders.

Eaton Stock Performance

NYSE ETN traded up $2.91 during trading on Friday, reaching $363.07. The company's stock had a trading volume of 2,139,096 shares, compared to its average volume of 2,661,468. The firm has a 50 day moving average price of $354.13 and a 200 day moving average price of $318.34. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The firm has a market capitalization of $141.34 billion, a price-to-earnings ratio of 36.53, a price-to-earnings-growth ratio of 2.66 and a beta of 1.18. The company has a current ratio of 1.24, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47.

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

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors 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 1.1%. Eaton's dividend payout ratio (DPR) is presently 41.85%.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of recent analyst reports. Raymond James Financial increased their price target on shares of Eaton from $380.00 to $415.00 and gave the company an "outperform" rating in a research note on Thursday. KeyCorp raised their target price on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. boosted their price target on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. The Goldman Sachs Group raised their price objective on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Finally, Evercore ISI lifted their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton has an average rating of "Moderate Buy" and a consensus price target of $383.63.

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.