Eaton Corporation, PLC (NYSE:ETN) Stake Increased by Foster Dykema Cabot & Partners LLC

Key Points

• Foster Dykema Cabot & Partners LLC increased its holdings in Eaton Corporation by 5.3% in Q1, now owning approximately $24.77 million worth of ETN stock.
• Insider transactions reveal that Craig Arnold sold 103,486 shares for over $33 million, reducing his position by 17.43%.
• Eaton announced a quarterly dividend of $1.04 per share, representing a yield of 1.2% at a payout ratio of 41.98%.

Foster Dykema Cabot & Partners LLC grew its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 91,110 shares of the industrial products company's stock after purchasing an additional 4,555 shares during the quarter. Eaton makes up 2.0% of Foster Dykema Cabot & Partners LLC's holdings, making the stock its 18th biggest position. Foster Dykema Cabot & Partners LLC's holdings in Eaton were worth $24,766,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Eaton by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock valued at $10,195,725,000 after acquiring an additional 289,819 shares during the period. Nuveen Asset Management LLC increased its stake in Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after buying an additional 192,482 shares during the period. Northern Trust Corp increased its stake in Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after buying an additional 368,241 shares during the period. Goldman Sachs Group Inc. increased its stake in Eaton by 12.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company's stock worth $1,083,442,000 after buying an additional 427,509 shares during the period. Finally, GAMMA Investing LLC increased its stake in Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after buying an additional 3,580,198 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Trading Up 0.8%

Shares of ETN traded up $2.91 during mid-day trading on Friday, hitting $363.07. The company had a trading volume of 2,139,096 shares, compared to its average volume of 2,661,468. The business's 50-day simple moving average is $354.99 and its 200-day simple moving average is $318.37. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The stock has a market cap of $141.34 billion, a PE ratio of 36.53, a P/E/G ratio of 2.66 and a beta of 1.18.

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

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's payout ratio is 41.85%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ETN shares. BNP Paribas Exane started coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Wells Fargo & Company increased their price objective 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. Citigroup increased their price objective on shares of Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Raymond James Financial upped their target price on shares of Eaton from $380.00 to $415.00 and gave the company an "outperform" rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This trade 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 at this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.