Aberdeen Group plc Buys 249,788 Shares of Eaton Corporation, PLC $ETN

Key Points

• Aberdeen Group plc increased its stake in Eaton Corporation by 128.4% during the first quarter, owning approximately 0.11% of the company worth $119.7 million.
• Eaton reported a quarterly earnings per share (EPS) of $2.95, surpassing analyst estimates of $2.92, with revenues of $7.03 billion for the quarter.
• The company declared a quarterly dividend of $1.04, indicating an annualized dividend yield of 1.2% and a payout ratio of 41.85%.

Aberdeen Group plc lifted its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 128.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 444,390 shares of the industrial products company's stock after purchasing an additional 249,788 shares during the quarter. Aberdeen Group plc owned 0.11% of Eaton worth $119,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Commonwealth Financial Services LLC lifted its position in Eaton by 2.9% during the first quarter. Commonwealth Financial Services LLC now owns 1,175 shares of the industrial products company's stock valued at $319,000 after purchasing an additional 33 shares during the period. E Fund Management Co. Ltd. raised its stake in Eaton by 3.1% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,091 shares of the industrial products company's stock valued at $297,000 after buying an additional 33 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Eaton by 0.7% during the 1st 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 during the period. Lantern Wealth Advisors LLC boosted its stake in shares of Eaton by 1.0% in the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock worth $1,340,000 after buying an additional 38 shares during the last quarter. Finally, AGH Wealth Advisors LLC grew its holdings in shares of Eaton by 2.6% in the first 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 period. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

Shares of Eaton stock traded up $2.60 on Monday, hitting $353.63. 1,158,486 shares of the company traded hands, compared to its average volume of 2,696,507. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. The business has a 50-day simple moving average of $358.11 and a 200 day simple moving average of $318.70. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. The stock has a market capitalization of $137.67 billion, a P/E ratio of 35.58, a price-to-earnings-growth ratio of 2.59 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 EPS for the quarter, topping the consensus estimate 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 net margin of 15.11% and a return on equity of 23.91%. The business's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.73 EPS. Research analysts expect 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. Stockholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio is currently 41.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Royal Bank Of Canada increased their target price on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Barclays increased their price objective on shares of Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. 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 report on Tuesday, July 8th. BNP Paribas Exane started coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Finally, KeyCorp increased their price target on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Eaton has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

Insider Activity 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 sale, the insider owned 630 shares in the company, valued at approximately $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

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.