iA Global Asset Management Inc. Buys New Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• iA Global Asset Management Inc. has purchased a new stake in Eaton Corporation, acquiring 2,039 shares valued at approximately $554,000 in the first quarter, indicating growing institutional interest in the company.
• Several research analysts have recently raised their price targets for Eaton, with Morgan Stanley increasing theirs from $375 to $425, and a consensus rating of “Moderate Buy” with an average target price of $383.63.
• Eaton reported a 10.7% year-over-year increase in revenue for the latest quarter, delivering $2.95 EPS, surpassing analysts' estimates and reflecting strong financial performance amid broader market conditions.

iA Global Asset Management Inc. bought a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,039 shares of the industrial products company's stock, valued at approximately $554,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ETN. IMA Advisory Services Inc. acquired a new position in Eaton during the 1st quarter worth approximately $25,000. Capital A Wealth Management LLC acquired a new position in Eaton during the 4th quarter worth approximately $26,000. Creative Financial Designs Inc. ADV raised its stake in Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after buying an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Eaton during the 4th quarter worth approximately $33,000. Finally, Abound Wealth Management raised its stake in Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after buying an additional 62 shares during the period. Institutional investors own 82.97% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Morgan Stanley upped their price target on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research note on Wednesday. Citigroup upped their price target on Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. KeyCorp increased their price objective on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, BNP Paribas Exane initiated coverage on Eaton in a research note on Thursday, May 15th. They issued 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 given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Insider Activity 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 value of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $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 is available at the SEC website. 0.30% of the stock is owned by insiders.

Eaton Price Performance

Eaton stock opened at $359.27 on Friday. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The business has a fifty day moving average price of $354.13 and a 200-day moving average price of $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 firm has a market capitalization of $140.58 billion, a P/E ratio of 36.14, a PEG ratio of 2.70 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $6.93 billion. During the same period last year, the company earned $2.73 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is presently 41.85%.

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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