Eaton Corporation, PLC $ETN Shares Acquired by Allstate Corp

Key Points

• Allstate Corp increased its stake in Eaton Corporation, PLC by 35.4% in Q1, acquiring an additional 4,190 shares, bringing their total holdings to 16,023 shares valued at approximately $4.36 million.
• Several institutional investors, including Brighton Jones LLC and Revolve Wealth Partners LLC, also modified their positions in Eaton, with 82.97% of the company's stock now owned by institutional investors.
• Wall Street analysts have shown confidence in Eaton, with multiple firms raising their price targets; the average target is currently $379.10, reflecting a consensus rating of "Moderate Buy."

Allstate Corp boosted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 35.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,023 shares of the industrial products company's stock after purchasing an additional 4,190 shares during the quarter. Allstate Corp's holdings in Eaton were worth $4,356,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its stake 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 valued at $1,109,000 after purchasing an additional 45 shares during the period. Revolve Wealth Partners LLC grew its holdings in Eaton by 17.5% in the 4th 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 in the last quarter. Bank Pictet & Cie Europe AG bought a new stake in Eaton during the 4th quarter valued at $42,839,000. MGO One Seven LLC boosted its position in Eaton by 3.4% during the 4th quarter. MGO One Seven LLC now owns 13,348 shares of the industrial products company's stock worth $4,430,000 after acquiring an additional 442 shares during the period. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Eaton by 8.4% in the fourth quarter. Integrated Wealth Concepts LLC now owns 9,256 shares of the industrial products company's stock worth $3,072,000 after purchasing an additional 717 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ETN shares. Evercore ISI upped their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Royal Bank Of Canada upped their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Citigroup lifted their price target on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Wells Fargo & Company upped their price objective on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, KeyCorp lifted their target price on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Fourteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $379.10.

Insider Activity

In related news, insider Olivier Leonetti sold 16,018 shares of Eaton stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the sale, the insider owned 630 shares of the company's stock, valued at approximately $225,785.70. This trade 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 accessible through the SEC website. Corporate insiders own 0.30% of the company's stock.

Eaton Trading Down 0.3%

NYSE:ETN opened at $345.3330 on Friday. The stock has a fifty day simple moving average of $359.87 and a 200 day simple moving average of $319.49. The firm has a market capitalization of $134.44 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 2.55 and a beta of 1.18. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last released 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. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $2.73 earnings per share. Eaton has set its Q3 2025 guidance at 3.010-3.070 EPS. FY 2025 guidance at 11.970-12.170 EPS. Sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share 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 issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's 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.

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