Deutsche Bank AG Raises Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Deutsche Bank AG increased its stake in Eaton Corporation by 31.5%, owning over 2 million shares valued at approximately $555 million after purchasing an additional 489,264 shares.
• Analysts have a strong outlook for Eaton, with seven rating the stock as a hold and fourteen giving it a buy rating, leading to an average target price of $381.00.
• Eaton recently announced a quarterly dividend of $1.04 per share, translating to an annualized dividend of $4.16 with a yield of 1.2%.

Deutsche Bank AG grew its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 31.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,043,535 shares of the industrial products company's stock after purchasing an additional 489,264 shares during the period. Deutsche Bank AG owned approximately 0.52% of Eaton worth $555,494,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of Eaton by 1.4% in the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after buying an additional 45 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of Eaton by 17.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after buying an additional 136 shares during the period. Bank Pictet & Cie Europe AG purchased a new stake in shares of Eaton in the fourth quarter worth approximately $42,839,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Eaton in the fourth quarter worth approximately $233,000. Finally, FIL Ltd raised its holdings in shares of Eaton by 210.2% in the fourth quarter. FIL Ltd now owns 95,086 shares of the industrial products company's stock worth $31,556,000 after buying an additional 64,434 shares during the period. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

ETN stock traded up $2.91 during midday trading on Friday, reaching $363.07. The stock had a trading volume of 2,139,096 shares, compared to its average volume of 2,661,468. The firm has a fifty day simple moving average of $354.99 and a two-hundred day simple moving average of $318.37. The stock has a market cap of $141.34 billion, a PE ratio of 36.53, a P/E/G ratio of 2.66 and a beta of 1.18. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $399.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.24.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the business earned $2.73 EPS. Eaton's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities research analysts anticipate 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. 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 dividend on an annualized basis and a dividend yield of 1.1%. Eaton's dividend payout ratio is 41.85%.

Analyst Ratings Changes

ETN has been the topic of several recent analyst reports. Citigroup increased their price target on Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday. Barclays increased 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. BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. KeyCorp increased 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, Wall Street Zen cut Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of "Moderate Buy" and an average price target of $383.63.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on 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 directly owned 490,208 shares in the company, 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 Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company 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.