LGT Fund Management Co Ltd. Buys 5,904 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• LGT Fund Management Co Ltd. increased its holdings in Eaton Corporation by 147.5% during the first quarter, owning 9,907 shares valued at approximately $2.7 million.
• Analysts have set a range of price targets for Eaton, with Morgan Stanley raising its target to $425.00, indicating strong market confidence in the stock.
• Eaton recently declared a quarterly dividend of $1.04 per share, reflecting an annualized yield of 1.2% and a payout ratio of 41.85%.

LGT Fund Management Co Ltd. boosted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 147.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,907 shares of the industrial products company's stock after buying an additional 5,904 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Eaton were worth $2,693,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Commonwealth Financial Services LLC grew its holdings in Eaton by 2.9% during the 1st quarter. Commonwealth Financial Services LLC now owns 1,175 shares of the industrial products company's stock valued at $319,000 after buying an additional 33 shares during the last quarter. Checchi Capital Advisers LLC increased its holdings in shares of Eaton by 0.7% in the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock valued at $1,378,000 after buying an additional 37 shares in the last quarter. Lantern Wealth Advisors LLC grew its holdings in shares of Eaton by 1.0% during the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after acquiring an additional 38 shares in the last quarter. AGH Wealth Advisors LLC lifted its position in Eaton by 2.6% during the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock worth $412,000 after acquiring an additional 38 shares during the last quarter. Finally, Revolve Wealth Partners LLC grew its stake in Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after buying an additional 38 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of analyst reports. BNP Paribas Exane assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Evercore ISI increased their target price on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Raymond James Financial set a $415.00 price target on shares of Eaton and gave the company an "outperform" rating in a report on Thursday, August 7th. The Goldman Sachs Group upped their price target 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. Finally, Barclays increased their price target on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $383.63.

Insiders Place Their Bets

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of the firm's stock in a transaction dated 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 in the company, valued at $225,785.70. This trade represents a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Eaton Trading Down 1.2%

ETN stock traded down $4.23 during trading on Friday, reaching $350.87. 1,899,668 shares of the stock traded hands, compared to its average volume of 2,748,565. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $399.56. The business's 50 day moving average price is $358.11 and its 200-day moving average price is $318.75. 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 firm has a market capitalization of $136.59 billion, a PE ratio of 35.30, a P/E/G ratio of 2.62 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 earnings per share for the quarter, topping analysts' consensus estimates of $2.92 by $0.03. The business had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.73 EPS. As a group, sell-side analysts forecast 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 given a dividend of $1.04 per share. The ex-dividend date of this dividend 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 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.