Eaton Corporation, PLC (NYSE:ETN) Shares Purchased by Cooper Financial Group

Key Points

• Cooper Financial Group has increased its stake in Eaton Corporation by 31.2%, now owning 5,984 shares valued at approximately $1.63 million.
• GAMMA Investing LLC dramatically increased its stake by 27,281.9%, acquiring over 3.5 million shares valued at about $976 million.
• Eaton recently reported earnings of $2.95 EPS, exceeding analysts' expectations, and declared a quarterly dividend of $1.04 per share.

Cooper Financial Group lifted its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 31.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,984 shares of the industrial products company's stock after acquiring an additional 1,422 shares during the period. Cooper Financial Group's holdings in Eaton were worth $1,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ETN. IMA Advisory Services Inc. purchased a new stake in shares of Eaton during the 1st quarter worth about $25,000. Capital A Wealth Management LLC purchased a new position in Eaton in the 4th quarter worth approximately $26,000. Creative Financial Designs Inc. ADV lifted its stake in Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after purchasing an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton during the 4th quarter valued at approximately $33,000. Finally, Abound Wealth Management raised its position in shares of 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 buying an additional 62 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Eaton

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

Wall Street Analysts Forecast Growth

ETN has been the subject of several research reports. 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. Morgan Stanley boosted their price target on shares of Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company boosted their price target on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $396.00 price target on shares of Eaton in a research report on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

Eaton Stock Performance

Shares of Eaton stock traded up $3.01 on Tuesday, reaching $363.12. 2,488,817 shares of the stock were exchanged, compared to its average volume of 2,767,052. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The business has a fifty day moving average price of $356.56 and a two-hundred day moving average price of $317.90. The firm has a market capitalization of $141.36 billion, a PE ratio of 36.53, a PEG ratio of 2.66 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results 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 company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the business 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, research 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. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. Eaton's dividend payout ratio is currently 41.85%.

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.