Eaton Corporation, PLC (NYSE:ETN) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Eaton Corporation by 11.2%, owning approximately 712,968 shares worth around $193.86 million as of the latest filing.
• Analysts have a consensus rating of "Moderate Buy" for Eaton with a target price averaging $383.63; major firms like BNP Paribas and Citigroup have set price targets between $380.00 and $425.00.
• Eaton Corporation announced a quarterly dividend of $1.04 per share, representing an annualized yield of 1.2% and a payout ratio of 41.85%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 11.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 712,968 shares of the industrial products company's stock after purchasing an additional 71,997 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Eaton worth $193,856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ETN. Vanguard Group Inc. boosted its stake in shares of Eaton by 0.8% in the first quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock valued at $10,195,725,000 after buying an additional 289,819 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Eaton by 4.3% during the 4th 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 in the last quarter. Northern Trust Corp grew its stake in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after purchasing an additional 368,241 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of 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 purchasing an additional 427,509 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after purchasing an additional 3,580,198 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ETN shares. BNP Paribas initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a research note on Monday, July 14th. Barclays lifted their price objective on Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a report on Wednesday. Evercore ISI upped their target price on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Finally, Citigroup lifted their price target on Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $383.63.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company's 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 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company's stock.

Eaton Stock Up 0.3%

ETN opened at $359.27 on Friday. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The business has a 50-day moving average of $354.13 and a two-hundred day moving average of $318.34. 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 stock has a market capitalization of $140.58 billion, a price-to-earnings ratio of 36.14, a price-to-earnings-growth ratio of 2.70 and a beta of 1.18.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. The firm had revenue of $7.03 billion during 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%. Eaton's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.73 earnings per share. On average, research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors 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 dividend on an annualized basis and a yield of 1.2%. Eaton's dividend payout ratio (DPR) is presently 41.85%.

Eaton Company Profile

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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