Eaton Corporation, PLC (NYSE:ETN) Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its holdings in Eaton Corporation by 13.8%, acquiring an additional 4,596 shares in the first quarter, bringing their total investment to $10,292,000.
• Multiple institutional investors have shown interest in Eaton, with 82.97% of the company's stock now owned by these entities, reflecting a trend of increasing investment in the firm.
• Eaton announced a quarterly dividend of $1.04 per share, which will be paid to shareholders of record on August 7th, representing an annualized yield of 1.06%.

Assetmark Inc. grew its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 13.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 37,861 shares of the industrial products company's stock after acquiring an additional 4,596 shares during the period. Assetmark Inc.'s holdings in Eaton were worth $10,292,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in Eaton during the 4th quarter valued at $26,000. IMA Advisory Services Inc. purchased a new stake in Eaton during the 1st quarter valued at $25,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton in the 4th quarter worth $33,000. Creative Financial Designs Inc. ADV increased its stake in Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after buying an additional 51 shares in the last quarter. Finally, Abound Wealth Management increased its stake in Eaton by 73.8% in the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after buying an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last three months. Corporate insiders own 0.30% of the company's stock.

Eaton Stock Performance

Shares of NYSE:ETN traded down $0.06 on Thursday, hitting $390.04. 851,823 shares of the company were exchanged, compared to its average volume of 3,042,597. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The stock's 50 day moving average price is $348.44 and its 200 day moving average price is $317.20. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $152.62 billion, a P/E ratio of 39.37, a price-to-earnings-growth ratio of 2.94 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.40 earnings per share. Sell-side analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.07%. Eaton's dividend payout ratio is currently 41.98%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley cut their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Citigroup increased their price objective on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a report on Monday, July 14th. Evercore ISI increased their price objective on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. BNP Paribas Exane began coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

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.