TD Asset Management Inc Sells 1,018,267 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• TD Asset Management Inc significantly reduced its stake in Eaton Corporation by 52.6%, now owning 917,623 shares valued at approximately $249 million.
• Eaton posted a profit of $2.72 EPS for the quarter, exceeding analysts' expectations and showing a 7.3% revenue increase year-over-year.
• The company announced a quarterly dividend of $1.04, with a yield of 1.06%, set to be paid on August 22nd to investors of record on August 7th.

TD Asset Management Inc trimmed its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 52.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 917,623 shares of the industrial products company's stock after selling 1,018,267 shares during the period. TD Asset Management Inc owned about 0.23% of Eaton worth $249,437,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. IMA Advisory Services Inc. purchased a new stake in shares of Eaton during the first quarter worth about $25,000. Capital A Wealth Management LLC purchased a new stake in Eaton in the fourth quarter worth about $26,000. Creative Financial Designs Inc. ADV lifted its holdings in Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after buying an additional 51 shares during the period. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton in the fourth quarter worth about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Eaton in the fourth quarter worth about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Citigroup lifted their target price on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a report on Monday, July 14th. Wells Fargo & Company raised 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. Sanford C. Bernstein reissued an "outperform" rating and set a $396.00 price target on shares of Eaton in a research report on Monday, July 14th. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, Royal Bank Of Canada lifted their price target 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 investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $377.89.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction dated 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 owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated 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 directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company's stock.

Eaton Stock Performance

ETN stock traded up $1.42 on Wednesday, hitting $391.43. The company's stock had a trading volume of 1,166,599 shares, compared to its average volume of 3,046,978. The stock has a market cap of $153.17 billion, a price-to-earnings ratio of 39.47, a price-to-earnings-growth ratio of 2.96 and a beta of 1.17. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56. The firm has a 50 day moving average of $347.09 and a two-hundred day moving average 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 released 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. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the company earned $2.40 EPS. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. Equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently declared 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. This represents a $4.16 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is 41.98%.

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.