Frank Rimerman Advisors LLC Has $747,000 Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Frank Rimerman Advisors LLC reduced its stake in Eaton Corporation by 57.1%, leaving them with a holding of $747,000 after selling 3,666 shares.
• Eaton's recent earnings report showed an EPS of $2.95, slightly exceeding expectations, with revenue of $7.03 billion, marking a 10.7% increase year-over-year.
• Analyst ratings for Eaton are optimistic, with fourteen firms issuing a buy rating and a consensus price target around $383.63.

Frank Rimerman Advisors LLC decreased its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 57.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,749 shares of the industrial products company's stock after selling 3,666 shares during the period. Frank Rimerman Advisors LLC's holdings in Eaton were worth $747,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ETN. Brighton Jones LLC lifted 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 lifted its holdings in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after acquiring an additional 136 shares during the period. Bank Pictet & Cie Europe AG bought a new stake in Eaton in the fourth quarter worth about $42,839,000. CenterBook Partners LP bought a new stake in shares of Eaton in the 4th quarter worth approximately $424,000. Finally, Heritage Trust Co bought a new stake in Eaton in the 4th quarter valued at about $427,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Trading Up 0.8%

Shares of ETN stock opened at $363.07 on Friday. The company has a 50 day moving average price of $354.99 and a 200 day moving average price of $318.01. The stock has a market capitalization of $141.34 billion, a P/E ratio of 36.53, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.24. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.73 earnings per share. Equities research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

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 given a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. Eaton's dividend payout ratio (DPR) is presently 41.85%.

Insider Buying and Selling

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction 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 owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ETN. The Goldman Sachs Group upped their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their price target on shares of Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a report on Wednesday. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target on the stock. Citigroup boosted their price target on Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $383.63.

Eaton 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.

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