Rossmore Private Capital Has $2.33 Million Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Rossmore Private Capital has increased its stake in Eaton Corporation by 236.2%, owning a total of 8,556 shares now valued at $2,326,000.
• Eaton reported quarterly earnings of $2.95 per share, exceeding analysts' expectations and marking a year-over-year revenue increase of 10.7% to $7.03 billion.
• The company declared a quarterly dividend of $1.04, representing an annualized dividend of $4.16 with a yield of 1.2%.

Rossmore Private Capital increased its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 236.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,556 shares of the industrial products company's stock after purchasing an additional 6,011 shares during the period. Rossmore Private Capital's holdings in Eaton were worth $2,326,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. IMA Advisory Services Inc. acquired a new position in shares of Eaton in the 1st quarter valued at $25,000. Capital A Wealth Management LLC acquired a new position in shares of Eaton in the 4th quarter valued at $26,000. Creative Financial Designs Inc. ADV grew its holdings in shares of Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after buying an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter valued at $33,000. Finally, Abound Wealth Management grew its holdings in shares of Eaton by 73.8% in 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. Institutional investors own 82.97% of the company's stock.

Insider Activity

In other news, insider Olivier Leonetti sold 16,018 shares of the firm's stock in a transaction 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 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI boosted their price target on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Morgan Stanley upped their target price 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. Finally, Citigroup upped their target price on shares of Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $383.63.

Eaton Stock Performance

Shares of NYSE:ETN traded down $4.23 on Friday, reaching $350.87. 1,899,463 shares of the company's stock were exchanged, compared to its average volume of 3,058,204. 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 company has a market capitalization of $136.59 billion, a price-to-earnings ratio of 35.30, a PEG ratio of 2.64 and a beta of 1.18. The company has a fifty day moving average of $357.73 and a 200-day moving average of $318.48. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) 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 analyst estimates of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $2.73 EPS. On average, research analysts predict that Eaton Corporation, PLC will post 12.02 EPS 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 paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. Eaton's dividend payout ratio (DPR) is presently 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.