AGF Management Ltd. Grows Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• AGF Management Ltd. increased its stake in Eaton Corporation by 35.7% in Q1, owning approximately 0.13% of the company, valued at $134.5 million.
• Eaton reported earnings of $2.95 per share for the most recent quarter, surpassing estimates and showing a 10.7% year-over-year revenue increase.
• The company declared a quarterly dividend of $1.04, which equates to an annualized yield of 1.1% and a payout ratio of 41.85%.

AGF Management Ltd. boosted its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 35.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 494,790 shares of the industrial products company's stock after purchasing an additional 130,236 shares during the period. AGF Management Ltd. owned 0.13% of Eaton worth $134,499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ETN. 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 buying an additional 45 shares during the period. Revolve Wealth Partners LLC grew its stake in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new stake in Eaton during the fourth quarter worth approximately $42,839,000. CenterBook Partners LP acquired a new stake in Eaton during the fourth quarter worth approximately $424,000. Finally, Townsquare Capital LLC grew its stake in Eaton by 18.0% during the fourth quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock worth $1,990,000 after purchasing an additional 916 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ETN shares. JPMorgan Chase & Co. raised their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Wells Fargo & Company raised their target price on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Wall Street Zen cut Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Barclays raised their target price on Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Finally, The Goldman Sachs Group raised their target price on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $383.63.

Insider Buying and Selling

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 sale, the insider directly owned 630 shares in the company, valued at approximately $225,785.70. This trade represents a 96.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company's stock.

Eaton Stock Down 1.6%

Shares of ETN stock traded down $5.98 during trading hours on Wednesday, reaching $357.32. The company had a trading volume of 2,750,710 shares, compared to its average volume of 2,788,402. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76. The business has a fifty day simple moving average of $357.16 and a 200-day simple moving average of $318.17. The company has a market cap of $139.10 billion, a price-to-earnings ratio of 35.95, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the company earned $2.73 earnings per share. The company's revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is 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.