Eaton Corporation, PLC (NYSE:ETN) Holdings Boosted by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Eaton Corporation (NYSE:ETN) by 14.3%, owning 464,326 shares valued at approximately $126.2 million.
• Eaton's recent earnings report showed $2.72 earnings per share, exceeding analysts' expectations, with revenue of $6.38 billion for the quarter, up 7.3% from the previous year.
• The company announced a quarterly dividend of $1.04 per share, translating to an annualized yield of 1.06% and a payout ratio of 41.98%.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 14.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 464,326 shares of the industrial products company's stock after purchasing an additional 58,009 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.12% of Eaton worth $126,218,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. FMR LLC lifted its holdings in Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock worth $5,051,807,000 after acquiring an additional 182,455 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Eaton by 4.3% in 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 holdings in Eaton by 8.8% in 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, GAMMA Investing LLC lifted its holdings in Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after acquiring an additional 3,580,198 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of Eaton 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by company insiders.

Eaton Price Performance

NYSE:ETN traded up $1.44 during midday trading on Wednesday, hitting $391.45. 1,166,599 shares of the stock were exchanged, compared to its average volume of 3,046,978. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The company has a market capitalization of $153.17 billion, a price-to-earnings ratio of 39.47, a P/E/G ratio of 2.96 and a beta of 1.17. The business has a 50-day moving average price of $347.09 and a two-hundred day moving average price of $316.69. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41.

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

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.06%. Eaton's dividend payout ratio (DPR) is 41.98%.

Analysts Set New Price Targets

A number of brokerages have issued reports on ETN. JPMorgan Chase & Co. raised their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Wells Fargo & Company raised their target price on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Citigroup raised their target price on shares of Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a report on Monday, July 14th. BNP Paribas started coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target on the stock. Finally, BNP Paribas Exane started coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target on the stock. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, Eaton has an average rating of "Moderate Buy" and an average target price of $377.89.

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.