Eaton Corporation, PLC (NYSE:ETN) Shares Purchased by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC increased its investment in Eaton Corporation shares by 45.9% in the first quarter, now holding 6,210 shares valued at approximately $1.688 million.
• Eaton reported a 7.3% increase in quarterly revenue to $6.38 billion and earnings per share of $2.72, surpassing analyst estimates.
• The company announced a quarterly dividend of $1.04 per share, reflecting an annualized dividend yield of 1.1% and a payout ratio of 41.98%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 45.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,210 shares of the industrial products company's stock after purchasing an additional 1,954 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Eaton were worth $1,688,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ETN. IMA Advisory Services Inc. purchased a new stake in Eaton in the 1st quarter valued at about $25,000. Capital A Wealth Management LLC acquired a new stake in shares of Eaton during the fourth quarter valued at about $26,000. Creative Financial Designs Inc. ADV raised its stake in shares of Eaton by 102.0% in the 1st 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. Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter worth approximately $33,000. Finally, Abound Wealth Management boosted its position in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after purchasing an additional 62 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Down 0.8%

Shares of NYSE ETN opened at $381.52 on Friday. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56. The company has a market capitalization of $149.29 billion, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 2.90 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The business has a 50-day moving average of $350.92 and a two-hundred day moving average of $317.79.

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

Eaton Announces Dividend

The business 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 $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is 41.98%.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last ninety days. Insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. KeyCorp upped their price target on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Barclays increased their target price on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. The Goldman Sachs Group increased their price target 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. Finally, Wells Fargo & Company lifted their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Eaton has a consensus rating of "Moderate Buy" and an average 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.

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