Meridian Wealth Management LLC Acquires 1,410 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Meridian Wealth Management LLC increased its stake in Eaton Corporation by 47.5%, now holding 4,381 shares valued at approximately $1.19 million.
• Eaton recently reported $2.95 EPS for the previous quarter, exceeding analysts' expectations of $2.92, with revenue of $7.03 billion compared to anticipated $6.93 billion.
• The company declared a quarterly dividend of $1.04 per share, representing an annual yield of 1.1%, with a payout ratio of 41.85%.

Meridian Wealth Management LLC grew its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 47.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,381 shares of the industrial products company's stock after acquiring an additional 1,410 shares during the period. Meridian Wealth Management LLC's holdings in Eaton were worth $1,191,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Eaton by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock valued at $10,195,725,000 after purchasing an additional 289,819 shares during the last quarter. Nuveen LLC acquired a new stake in Eaton during the first quarter worth approximately $1,472,231,000. Nuveen Asset Management LLC lifted its position 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 acquiring an additional 192,482 shares during the last quarter. Northern Trust Corp lifted its position in Eaton by 8.8% during the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after acquiring an additional 368,241 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Eaton by 12.0% during the first quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company's stock worth $1,083,442,000 after acquiring an additional 427,509 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Price Performance

Shares of NYSE ETN traded down $4.23 during midday trading on Friday, reaching $350.87. 1,899,668 shares of the company were exchanged, compared to its average volume of 2,748,565. The stock's 50-day moving average price is $358.11 and its 200-day moving average price is $318.75. The stock has a market cap of $136.59 billion, a P/E ratio of 35.30, a PEG ratio of 2.62 and a beta of 1.18. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47.

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, topping analysts' consensus estimates of $2.92 by $0.03. The firm had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company's revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.73 earnings per share. On average, sell-side analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

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 annualized dividend and a yield of 1.2%. Eaton's payout ratio is presently 41.85%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ETN shares. BNP Paribas Exane started coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. The Goldman Sachs Group raised their price objective on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $396.00 price target on shares of Eaton in a research report on Monday, July 14th. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Barclays lifted their price target on shares of Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Insider Transactions at Eaton

In related news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total value of $5,740,691.02. Following the transaction, the insider owned 630 shares in the company, valued at $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Eaton 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.