Eaton Corporation, PLC (NYSE:ETN) Shares Purchased by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Eaton Corporation by 12.0%, now holding approximately 3,985,735 shares valued at over $1 billion as of the end of the last quarter.
• Eaton recently reported a quarterly earnings per share of $2.95, exceeding analysts' expectations, along with a significant 10.7% year-over-year revenue growth.
• The company declared a quarterly dividend of $1.04 per share, which translates to an annualized dividend yield of 1.2% and a payout ratio of 41.98%.

Goldman Sachs Group Inc. lifted its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 12.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,985,735 shares of the industrial products company's stock after purchasing an additional 427,509 shares during the quarter. Goldman Sachs Group Inc. owned about 1.02% of Eaton worth $1,083,442,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake 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 valued at $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC raised its position in Eaton by 17.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new position in Eaton during the fourth quarter worth $42,839,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Eaton during the fourth quarter worth $233,000. Finally, Cerity Partners LLC grew its stake in shares of Eaton by 0.9% in the fourth quarter. Cerity Partners LLC now owns 111,262 shares of the industrial products company's stock valued at $36,912,000 after buying an additional 943 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Up 0.8%

Shares of NYSE ETN traded up $2.91 during midday trading on Friday, hitting $363.07. 2,139,096 shares of the company's stock were exchanged, compared to its average volume of 2,661,468. The firm's fifty day simple moving average is $354.13 and its 200-day simple moving average is $318.34. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.84. The company 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 Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the previous year, the firm earned $2.73 EPS. The company's revenue was up 10.7% compared to the same quarter last year. Research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's payout ratio is presently 41.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ETN shares. Wall Street Zen cut Eaton from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. BNP Paribas started coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Citigroup upped their target price on shares of Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday. BNP Paribas Exane initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target for the company. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $396.00 price objective on shares of Eaton in a research report on Monday, July 14th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm'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 in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.30% of the company's stock.

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.