Baillie Gifford & Co. Sells 51,392 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Baillie Gifford & Co. reduced its stake in Eaton Corporation by 6.4%, now holding 746,590 shares, valued at approximately $202 million.
• Insider Michael Yelton sold 2,120 shares at $296.87, reducing his position by 38.53%, while Craig Arnold sold 103,486 shares at $322.75, leading to a 17.43% decrease in ownership.
• Eaton announced a quarterly dividend of $1.04, reflecting a yield of 1.08%, with the dividend payout ratio standing at 41.98%.

Baillie Gifford & Co. decreased its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 746,590 shares of the industrial products company's stock after selling 51,392 shares during the quarter. Baillie Gifford & Co. owned approximately 0.19% of Eaton worth $202,946,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Caliber Wealth Management LLC KS bought a new stake in shares of Eaton in the 1st quarter worth $2,869,000. Wilkins Investment Counsel Inc. grew its position in Eaton by 23.6% during the first quarter. Wilkins Investment Counsel Inc. now owns 3,666 shares of the industrial products company's stock valued at $997,000 after buying an additional 700 shares during the period. Assetmark Inc. grew its position in Eaton by 13.8% during the first quarter. Assetmark Inc. now owns 37,861 shares of the industrial products company's stock valued at $10,292,000 after buying an additional 4,596 shares during the period. Nicholas Wealth LLC. grew its position in Eaton by 13.0% during the first quarter. Nicholas Wealth LLC. now owns 3,921 shares of the industrial products company's stock valued at $1,066,000 after buying an additional 452 shares during the period. Finally, Cetera Investment Advisers grew its position in Eaton by 2.8% during the first quarter. Cetera Investment Advisers now owns 148,126 shares of the industrial products company's stock valued at $40,265,000 after buying an additional 4,090 shares during the period. Institutional investors own 82.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 price target on shares of Eaton in a research report on Monday, July 14th. Citigroup increased their price target on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Barclays increased their price target on shares of Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Wells Fargo & Company increased their price target on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Eaton has a consensus rating of "Moderate Buy" and an average price target of $377.89.

Eaton Price Performance

Eaton stock traded down $1.95 during midday trading on Tuesday, reaching $390.82. 868,665 shares of the stock were exchanged, compared to its average volume of 3,053,726. The company's fifty day moving average is $345.85 and its 200-day moving average is $316.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The firm has a market cap of $152.93 billion, a PE ratio of 39.44, a PEG ratio of 2.96 and a beta of 1.17. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The business 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%. Eaton's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 EPS. On average, sell-side analysts forecast 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. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.06%. Eaton's payout ratio is presently 41.98%.

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 completion of the sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider owned 3,382 shares of the company's stock, 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. Over the last quarter, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by company insiders.

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.