Phoenix Financial Ltd. Sells 123,281 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Phoenix Financial Ltd. significantly cut its stake in Eaton Corporation, PLC by 88.3%, reducing its holdings to 16,345 shares valued at approximately $4.46 million after selling over 123,000 shares in the first quarter.
• Insider sales include Craig Arnold selling 103,486 shares totaling over $33.4 million, indicating a notable decrease in insider ownership of 17.43%.
• Analysts are optimistic about Eaton, with several adjusting their price targets upwards, now averaging a consensus target of $377.89 with a rating of "Moderate Buy."

Phoenix Financial Ltd. lessened its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 88.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,345 shares of the industrial products company's stock after selling 123,281 shares during the quarter. Phoenix Financial Ltd.'s holdings in Eaton were worth $4,462,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after purchasing an additional 96 shares in the last quarter. Bearing Point Capital LLC bought a new stake in shares of Eaton during the fourth quarter valued at about $2,713,000. Brighton Jones LLC grew its holdings in Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after acquiring an additional 164 shares during the period. Kennebec Savings Bank grew its holdings in Eaton by 5.4% during the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock worth $738,000 after acquiring an additional 139 shares during the period. Finally, American National Bank & Trust grew its holdings in Eaton by 5.4% during the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after acquiring an additional 162 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 value of $629,364.40. Following the sale, the insider directly 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. Insiders have 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 $0.38 during trading hours on Wednesday, hitting $390.39. The company's stock had a trading volume of 976,054 shares, compared to its average volume of 3,045,846. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The stock has a 50 day moving average of $347.09 and a 200 day moving average of $316.69. The company has a market capitalization of $152.76 billion, a PE ratio of 39.39, a price-to-earnings-growth ratio of 2.96 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

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, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.40 earnings per share. Analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors 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 dividend on an annualized basis and a dividend yield of 1.07%. Eaton's payout ratio is presently 41.98%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ETN. KeyCorp lifted 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. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. JPMorgan Chase & Co. lifted their price target on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Finally, Royal Bank Of Canada boosted their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.