Cornerstone Advisors LLC Has $7.20 Million Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Cornerstone Advisors LLC increased its stake in Eaton Corporation by 44.8% in the 1st quarter, owning 26,500 shares valued at approximately $7.2 million.
• Eaton recently reported $2.95 earnings per share, which exceeded estimates, and posted revenue of $7.03 billion, up 10.7% compared to the previous year.
• The company declared a quarterly dividend of $1.04 per share, to be paid on August 22nd, representing an annual yield of 1.2%.

Cornerstone Advisors LLC grew its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 44.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,500 shares of the industrial products company's stock after purchasing an additional 8,200 shares during the period. Cornerstone Advisors LLC's holdings in Eaton were worth $7,203,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Capital A Wealth Management LLC acquired a new position in Eaton during the 4th quarter valued at about $26,000. IMA Advisory Services Inc. acquired a new stake in shares of Eaton in the 1st quarter worth approximately $25,000. Vermillion Wealth Management Inc. bought a new position in shares of Eaton in the fourth quarter valued at approximately $33,000. Creative Financial Designs Inc. ADV increased its stake in shares of Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 51 shares during the period. Finally, Abound Wealth Management raised its holdings in Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after purchasing an additional 62 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

Eaton Trading Up 0.8%

Eaton stock traded up $2.91 during midday trading on Friday, reaching $363.07. The stock had a trading volume of 2,139,096 shares, compared to its average volume of 2,661,468. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve 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 0.84. The firm has a market cap of $141.34 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 2.66 and a beta of 1.18. The firm's fifty day simple moving average is $354.13 and its two-hundred day simple moving average is $318.34.

Eaton (NYSE:ETN - Get Free Report) last issued its 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 during 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%. Eaton's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.73 earnings per share. Equities analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.1%. Eaton's dividend payout ratio is currently 41.85%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ETN. Wells Fargo & Company increased their price target on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Barclays upped their price objective on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a report on Wednesday. BNP Paribas initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. 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. Finally, Wall Street Zen lowered shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

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.