Fred Alger Management LLC Sells 174,339 Shares of Eaton Corporation, PLC $ETN

Key Points

• Fred Alger Management LLC reduced its stake in Eaton Corporation by 77.9%, selling 174,339 shares and now holds 49,597 shares worth approximately $13.48 million.
• Eaton's recent quarterly earnings reported $2.95 EPS, surpassing estimates, with revenues of $7.03 billion, marking a 10.7% year-over-year increase.
• Several research firms have raised their price targets on Eaton, with KeyCorp setting a new target of $410.00 and a consensus rating of "Moderate Buy".

Fred Alger Management LLC decreased its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 77.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 49,597 shares of the industrial products company's stock after selling 174,339 shares during the period. Fred Alger Management LLC's holdings in Eaton were worth $13,482,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital A Wealth Management LLC bought a new position in shares of Eaton in the 4th quarter valued at $26,000. IMA Advisory Services Inc. bought a new position in shares of Eaton in the 1st quarter valued at $25,000. Vermillion Wealth Management Inc. bought a new position in shares of Eaton in the 4th quarter valued at $33,000. Creative Financial Designs Inc. ADV increased its stake in shares of Eaton by 102.0% in the 1st 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 during the last quarter. Finally, Abound Wealth Management increased its stake in shares of Eaton by 73.8% in the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 62 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Buying and Selling

In related news, insider Olivier Leonetti sold 16,018 shares of the business's 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 sale, the insider directly owned 630 shares of the company's stock, valued at $225,785.70. The trade was a 96.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

ETN has been the topic of several recent research reports. BNP Paribas initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Sanford C. Bernstein reissued an "outperform" rating and set a $396.00 price objective on shares of Eaton in a report on Monday, July 14th. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. The Goldman Sachs Group raised their price objective on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Evercore ISI raised their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average target price of $379.59.

Eaton Trading Up 1.7%

ETN traded up $6.23 during midday trading on Friday, hitting $366.31. 3,108,319 shares of the company were exchanged, compared to its average volume of 2,942,599. The firm has a market capitalization of $142.60 billion, a P/E ratio of 36.85, a P/E/G ratio of 2.59 and a beta of 1.16. 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 firm's 50 day moving average price is $362.04 and its 200-day moving average price is $323.66. 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 announced its quarterly earnings data 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 company had revenue of $7.03 billion for 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 revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.73 EPS. Eaton has set its Q3 2025 guidance at 3.010-3.070 EPS. FY 2025 guidance at 11.970-12.170 EPS. As a group, equities analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Thursday, August 7th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, August 7th. Eaton's payout ratio is presently 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.