Clean Energy Transition LLP Acquires 42,508 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Clean Energy Transition LLP increased its stake in Eaton Corporation by 37.7%, now holding 155,169 shares valued at approximately $42.18 million.
• Vanguard Group and Nuveen LLC have significantly increased their holdings in Eaton, with Vanguard's stake now valued over $10 billion, indicating strong institutional interest.
• Eaton reported a 10.7% increase in revenue year-over-year, with $7.03 billion in revenue and an EPS of $2.95 for the last quarter, surpassing analysts' expectations.

Clean Energy Transition LLP boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 37.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 155,169 shares of the industrial products company's stock after purchasing an additional 42,508 shares during the quarter. Eaton makes up approximately 5.2% of Clean Energy Transition LLP's holdings, making the stock its 8th largest holding. Clean Energy Transition LLP's holdings in Eaton were worth $42,180,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ETN. Brighton Jones LLC boosted its position in Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after purchasing an additional 45 shares during the period. Revolve Wealth Partners LLC boosted its position in Eaton by 17.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new position in Eaton during the 4th quarter valued at approximately $42,839,000. CenterBook Partners LP acquired a new position in Eaton during the 4th quarter valued at approximately $424,000. Finally, Heritage Trust Co acquired a new position in Eaton during the 4th quarter valued at approximately $427,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Down 1.6%

Shares of ETN traded down $5.98 during midday trading on Wednesday, hitting $357.32. The stock had a trading volume of 2,750,710 shares, compared to its average volume of 3,073,631. The company has a 50 day simple moving average of $356.56 and a two-hundred day simple moving average of $317.90. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The firm has a market cap of $139.10 billion, a price-to-earnings ratio of 35.95, a price-to-earnings-growth ratio of 2.66 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share 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 company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter last year, the company earned $2.73 EPS. Eaton's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed 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. This represents a $4.16 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio is currently 41.85%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ETN shares. Morgan Stanley boosted their price objective on Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Sanford C. Bernstein reiterated an "outperform" rating and set a $396.00 price target on shares of Eaton in a research report on Monday, July 14th. Evercore ISI boosted their price target 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 boosted their price target on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Raymond James Financial boosted their price target on Eaton from $380.00 to $415.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Seven equities research 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $383.63.

Insider Buying and Selling

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the transaction, the insider directly owned 630 shares in the company, valued at $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

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.