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Eaton Corporation, PLC (NYSE:ETN) Stock Position Lowered by Cumberland Partners Ltd

Eaton logo with Industrials background

Key Points

  • Cumberland Partners Ltd reduced its stake in Eaton Corporation by 39.1%, now holding 109,090 shares, which represents around 2.3% of its total portfolio.
  • Insider Craig Arnold sold 103,486 shares of Eaton, leading to a 17.43% decrease in his ownership, while insider Michael Yelton also sold 2,120 shares, resulting in a 38.53% decrease of his position.
  • Eaton recently announced a quarterly dividend of $1.04 per share, with a yield of 1.1%, and a payout ratio of 41.98%.
  • MarketBeat previews the top five stocks to own by September 1st.

Cumberland Partners Ltd cut its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 39.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 109,090 shares of the industrial products company's stock after selling 69,922 shares during the period. Eaton comprises approximately 2.3% of Cumberland Partners Ltd's holdings, making the stock its 16th largest position. Cumberland Partners Ltd's holdings in Eaton were worth $29,654,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ETN. IMA Advisory Services Inc. purchased a new position in Eaton in the first quarter valued at about $25,000. Capital A Wealth Management LLC purchased a new position in Eaton in the fourth quarter valued at about $26,000. Creative Financial Designs Inc. ADV grew its stake 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 valued at $27,000 after purchasing an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of Eaton in the fourth quarter worth about $33,000. Finally, Abound Wealth Management boosted its stake in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after acquiring an additional 62 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Eaton news, insider Craig Arnold sold 103,486 shares of the business'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 transaction of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company's stock, valued at $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 is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's 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 transaction, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

ETN stock opened at $381.52 on Friday. The business's 50-day moving average price is $350.92 and its two-hundred day moving average price is $317.79. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a market cap of $149.29 billion, a PE ratio of 38.50, a P/E/G ratio of 2.90 and a beta of 1.18. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.40 earnings per share. As a group, research analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced 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. This represents a $4.16 annualized dividend and a yield of 1.1%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio is presently 41.98%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ETN. KeyCorp increased their target price on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 target price on shares of Eaton in a research note on Monday, July 14th. Royal Bank Of Canada increased their target price on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. The Goldman Sachs Group raised their price objective on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company raised their price objective on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $377.89.

View Our Latest Stock Report on ETN

About Eaton

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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