Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Headlands Technologies LLC

Key Points

• Headlands Technologies LLC reduced its stake in Eaton Corporation, PLC by 39% after selling 3,121 shares, leaving them with 4,882 shares worth approximately $1.33 million.
• Deutsche Bank AG significantly increased its holdings in Eaton by 31.5%, now owning over 2 million shares valued at $555 million.
• Eaton announced a quarterly dividend of $1.04 per share, representing an annualized dividend yield of 1.2% with a payout ratio of 41.85%.

Headlands Technologies LLC trimmed its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 39.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,882 shares of the industrial products company's stock after selling 3,121 shares during the quarter. Headlands Technologies LLC's holdings in Eaton were worth $1,327,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. IMA Advisory Services Inc. acquired a new stake in Eaton in the 1st quarter valued at about $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 raised its position in 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 in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Eaton in the 4th quarter valued at about $33,000. Finally, Abound Wealth Management raised its position in 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 in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In related news, insider Olivier Leonetti sold 16,018 shares of Eaton stock in a transaction that occurred on 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 sale, the insider directly owned 630 shares in the company, valued at $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Evercore ISI increased their price target on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. KeyCorp increased their price objective on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, BNP Paribas assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Eaton Stock Performance

ETN traded up $1.14 during trading on Tuesday, hitting $361.25. The stock had a trading volume of 1,046,504 shares, compared to its average volume of 3,065,956. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. The firm has a market capitalization of $140.63 billion, a P/E ratio of 36.35, a PEG ratio of 2.68 and a beta of 1.18. The company's 50-day moving average price is $355.81 and its 200 day moving average price is $317.59. 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 posted its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the business earned $2.73 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

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