Lazard Freres Gestion S.A.S. Buys 11,546 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Lazard Freres Gestion S.A.S. significantly increased its stake in Eaton Corporation, PLC by 192.4%, holding 17,546 shares worth approximately $4.77 million.
• Recent analyst upgrades show a consensus rating of "Moderate Buy" for Eaton, with an average price target of $377.89 after various firms adjusted their target prices positively.
• Eaton announced a quarterly dividend of $1.04 per share, yielding 1.06%, which will be paid out on August 22nd to investors of record as of August 7th.

Lazard Freres Gestion S.A.S. grew its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 192.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,546 shares of the industrial products company's stock after purchasing an additional 11,546 shares during the quarter. Lazard Freres Gestion S.A.S.'s holdings in Eaton were worth $4,769,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital A Wealth Management LLC bought a new position in Eaton in the 4th quarter worth about $26,000. IMA Advisory Services Inc. bought a new position in shares of Eaton in the first quarter valued at approximately $25,000. Vermillion Wealth Management Inc. bought a new position in shares of Eaton in the fourth quarter valued at approximately $33,000. Creative Financial Designs Inc. ADV boosted its position in shares of Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 51 shares during the period. Finally, Abound Wealth Management boosted its position in shares of Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 62 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 over the last 90 days. Company insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

ETN has been the subject of several analyst reports. Sanford C. Bernstein reissued an "outperform" rating and issued a $396.00 price target on shares of Eaton in a report on Monday, July 14th. Royal Bank Of Canada lifted their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. BNP Paribas initiated coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $377.89.

Eaton Trading Down 0.6%

ETN traded down $2.44 during trading on Thursday, hitting $387.65. 1,299,460 shares of the stock traded hands, compared to its average volume of 3,045,652. The firm has a market capitalization of $151.69 billion, a P/E ratio of 39.11, a price-to-earnings-growth ratio of 2.94 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The firm has a 50-day moving average of $348.44 and a 200 day moving average of $317.20. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.40 earnings per share. Equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.07%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

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.