Gulf International Bank UK Ltd Cuts Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Eaton Corporation by 25.3% during the first quarter, now holding 22,417 shares worth approximately $6.09 million.
• Eaton reported better-than-expected earnings with a net revenue of $7.03 billion for the last quarter, which is a 10.7% increase year-over-year.
• The company declared a quarterly dividend of $1.04 per share, resulting in an annualized dividend of $4.16 and a yield of 1.1%.

Gulf International Bank UK Ltd lowered its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 25.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,417 shares of the industrial products company's stock after selling 7,588 shares during the quarter. Gulf International Bank UK Ltd's holdings in Eaton were worth $6,093,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ETN. IMA Advisory Services Inc. bought a new position in Eaton in the 1st quarter valued at approximately $25,000. Capital A Wealth Management LLC bought a new position in shares of Eaton in the fourth quarter valued at approximately $26,000. Creative Financial Designs Inc. ADV boosted its position 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 buying an additional 51 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in shares of Eaton in the 4th quarter worth $33,000. Finally, Abound Wealth Management boosted 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 during the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Activity at Eaton

In other news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the transaction, the insider owned 630 shares of the company's stock, valued at approximately $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company's stock.

Eaton Stock Performance

Eaton stock traded down $4.23 during midday trading on Friday, reaching $350.87. The stock had a trading volume of 1,899,668 shares, compared to its average volume of 3,058,462. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The firm's 50-day moving average price is $357.73 and its 200 day moving average price is $318.48. The firm has a market capitalization of $136.59 billion, a PE ratio of 35.30, a P/E/G ratio of 2.64 and a beta of 1.18. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The business had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. During the same period in the previous year, the business posted $2.73 EPS. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. Eaton's payout ratio is presently 41.85%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ETN shares. Morgan Stanley increased their price objective on shares of Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group boosted their target price on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Evercore ISI boosted their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Royal Bank Of Canada boosted their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company lifted their target price on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $383.63.

Eaton Company 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.