Harbour Investments Inc. Boosts Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Harbour Investments Inc. has increased its stake in Eaton Corporation by 8.2%, holding a total of 9,270 shares valued at $2.52 million after acquiring 700 additional shares.
• Eaton reported earnings of $2.72 per share, surpassing analyst estimates with a 7.3% year-over-year revenue increase to $6.38 billion.
• The company announced a quarterly dividend of $1.04 per share, yielding 1.1%, with a payout ratio of 41.98%.

Harbour Investments Inc. boosted its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 8.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,270 shares of the industrial products company's stock after buying an additional 700 shares during the period. Harbour Investments Inc.'s holdings in Eaton were worth $2,520,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ETN. IMA Advisory Services Inc. purchased a new position in shares of Eaton during the first quarter worth $25,000. Capital A Wealth Management LLC acquired a new stake in Eaton in the 4th quarter valued at about $26,000. Creative Financial Designs Inc. ADV boosted 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 buying an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Eaton during the fourth quarter worth about $33,000. Finally, Abound Wealth Management lifted its stake in Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after acquiring an additional 62 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Price Performance

ETN stock opened at $381.52 on Friday. The firm has a 50 day moving average of $350.92 and a 200-day moving average of $317.79. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The company has a market cap of $149.29 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.90 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 posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the firm posted $2.40 EPS. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio is currently 41.98%.

Insider Buying and Selling at Eaton

In other 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 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 Securities & Exchange Commission, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 over the last 90 days. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on ETN shares. Citigroup lifted their price target on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research note on Saturday. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 price target on shares of Eaton in a research note on Monday, July 14th. Evercore ISI boosted their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Finally, KeyCorp lifted their price objective on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

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.

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