Mediolanum International Funds Ltd Has $15.04 Million Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Eaton Corporation by 23.7%, now holding 54,859 shares valued at approximately $15 million.
• Eaton's most recent quarterly earnings report showed an earnings per share of $2.72, slightly above analysts' expectations, with revenue of $6.38 billion, reflecting a 7.3% increase compared to the previous year.
• The company also announced a quarterly dividend of $1.04 per share, with a dividend yield of 1.06%, which is scheduled to be paid on August 22nd.

Mediolanum International Funds Ltd cut its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 23.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,859 shares of the industrial products company's stock after selling 17,042 shares during the period. Mediolanum International Funds Ltd's holdings in Eaton were worth $15,041,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC purchased a new position in Eaton in the fourth quarter valued at about $26,000. IMA Advisory Services Inc. acquired a new stake in shares of Eaton in the first quarter valued at approximately $25,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Eaton in the fourth quarter valued at approximately $33,000. Creative Financial Designs Inc. ADV grew its position in shares of Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 51 shares during the last quarter. Finally, Abound Wealth Management grew its position in shares of Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 62 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Citigroup raised their target price on shares of Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Morgan Stanley cut their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Wells Fargo & Company increased their price target on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Evercore ISI lifted their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Eaton has an average rating of "Moderate Buy" and a consensus target price of $377.89.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value 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. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction 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 completion of the sale, the insider owned 3,382 shares of the company's stock, valued at $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. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last three months. Insiders own 0.30% of the company's stock.

Eaton Trading Up 0.1%

Shares of Eaton stock traded up $0.23 during trading on Wednesday, hitting $390.24. The stock had a trading volume of 976,054 shares, compared to its average volume of 3,045,846. The stock has a 50 day simple moving average of $347.09 and a 200 day simple moving average of $316.69. 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 $152.70 billion, a PE ratio of 39.39, a P/E/G ratio of 2.96 and a beta of 1.17. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

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

Eaton Dividend Announcement

The firm 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 $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.07%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio is 41.98%.

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.