Founders Financial Alliance LLC Increases Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Founders Financial Alliance LLC increased its shares in Eaton Corporation by 13.2%, owning 6,132 shares valued at approximately $1.67 million as per their latest SEC filing.
• In recent analyst reports, Eaton received several price target increases, with Citigroup raising its target from $420.00 to $425.00 and reaffirming a "buy" rating.
• Eaton announced a quarterly dividend of $1.04, reflecting an annualized dividend of $4.16, which results in a yield of 1.2% based on the current price.

Founders Financial Alliance LLC boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,132 shares of the industrial products company's stock after acquiring an additional 717 shares during the period. Founders Financial Alliance LLC's holdings in Eaton were worth $1,667,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ETN. Vanguard Group Inc. boosted its position in Eaton by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock worth $10,195,725,000 after acquiring an additional 289,819 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after purchasing an additional 192,482 shares during the last quarter. Northern Trust Corp grew its position in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Eaton by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company's stock valued at $1,083,442,000 after buying an additional 427,509 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after buying an additional 3,580,198 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Up 0.8%

Shares of NYSE:ETN traded up $2.91 during trading on Friday, reaching $363.07. 2,139,096 shares of the stock were exchanged, compared to its average volume of 2,661,468. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The stock has a fifty day moving average of $354.99 and a two-hundred day moving average of $318.01. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.84. The firm has a market cap of $141.34 billion, a price-to-earnings ratio of 36.53, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The business 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 posted $2.73 EPS. Eaton's quarterly revenue was up 10.7% on a year-over-year basis. Research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given 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 1.1%. Eaton's payout ratio is presently 41.85%.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction 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 of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on ETN. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. Raymond James Financial raised their target price on shares of Eaton from $380.00 to $415.00 and gave the stock an "outperform" rating in a report on Thursday. The Goldman Sachs Group boosted their target price on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. KeyCorp increased their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley boosted their price target on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $383.63.

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.