Fox Hill Wealth Management Acquires 2,834 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Fox Hill Wealth Management increased its stake in Eaton Corporation, PLC by 70.4%, owning 6,862 shares valued at approximately $1.87 million as of the end of the last quarter.
• Eaton reported $2.95 earnings per share for its most recent quarter, exceeding estimates, with revenue also showing a 10.7% year-over-year increase.
• The company announced a quarterly dividend of $1.04 per share, resulting in an annualized yield of 1.1% and a payout ratio of 41.85%.

Fox Hill Wealth Management raised its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 70.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,862 shares of the industrial products company's stock after buying an additional 2,834 shares during the quarter. Eaton comprises about 1.1% of Fox Hill Wealth Management's holdings, making the stock its 29th largest position. Fox Hill Wealth Management's holdings in Eaton were worth $1,865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETN. Brighton Jones LLC boosted its holdings in shares of Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after purchasing an additional 45 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in shares of Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG purchased a new position in shares of Eaton in the 4th quarter worth about $42,839,000. Townsquare Capital LLC lifted its stake in shares of Eaton by 18.0% in the 4th quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock valued at $1,990,000 after acquiring an additional 916 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Eaton in the 4th quarter valued at about $1,239,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Raymond James Financial set a $415.00 target price on Eaton and gave the company an "outperform" rating in a research note on Thursday, August 7th. BNP Paribas Exane assumed coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Royal Bank Of Canada boosted 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. JPMorgan Chase & Co. boosted their target price on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, KeyCorp boosted 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. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Insider Buying and Selling

In related news, insider Olivier Leonetti sold 16,018 shares of Eaton stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $358.39, for a total value of $5,740,691.02. Following the completion of the transaction, the insider owned 630 shares in the company, valued at approximately $225,785.70. This trade represents a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Eaton Price Performance

NYSE:ETN traded down $4.23 on Friday, reaching $350.87. 1,899,668 shares of the company's stock traded hands, compared to its average volume of 3,058,462. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The stock has a 50-day simple moving average of $357.73 and a 200-day simple moving average of $318.48. The firm has a market cap of $136.59 billion, a PE ratio of 35.30, a P/E/G ratio of 2.64 and a beta of 1.18. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 23.91% and a net margin of 15.11%. The business's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.73 earnings per share. Equities research analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.2%. Eaton's dividend payout ratio (DPR) is currently 41.85%.

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.