J. Safra Sarasin Holding AG Sells 7,785 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Eaton Corporation by 77.2% in the first quarter, selling 7,785 shares to hold only 2,298 shares valued at approximately $625,000.
• Multiple hedge funds have significantly increased their positions in Eaton, with GAMMA Investing LLC raising its holdings by a staggering 27,281.9% to own nearly $976.8 million in shares.
• Eaton announced a quarterly dividend of $1.04 per share, reflecting a 1.2% dividend yield and a payout ratio of 41.98%, scheduled to be paid on August 22nd.

J. Safra Sarasin Holding AG cut its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 77.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,298 shares of the industrial products company's stock after selling 7,785 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Eaton were worth $625,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ETN. IMA Advisory Services Inc. acquired a new stake in shares of Eaton in the 1st quarter valued at about $25,000. Capital A Wealth Management LLC bought a new stake in Eaton during the 4th quarter worth about $26,000. Creative Financial Designs Inc. ADV grew its holdings 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 acquiring an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new position in Eaton during the fourth quarter valued at approximately $33,000. Finally, Abound Wealth Management raised its stake in shares of 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 purchasing an additional 62 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of the 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 sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Eaton Price Performance

Shares of ETN traded up $2.56 during mid-day trading on Wednesday, reaching $359.01. The company had a trading volume of 4,506,550 shares, compared to its average volume of 2,483,494. The company has a market capitalization of $140.48 billion, a price-to-earnings ratio of 36.12, a P/E/G ratio of 2.69 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.24. The company's 50 day simple moving average is $352.77 and its 200 day simple moving average is $317.96. 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 issued its 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. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $2.73 earnings per share. Analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.2%. Eaton's dividend payout ratio (DPR) is currently 41.98%.

Analyst Ratings Changes

A number of research analysts have recently commented on ETN shares. Royal Bank Of Canada lifted their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Sanford C. Bernstein reiterated an "outperform" rating and set a $396.00 target price on shares of Eaton in a research note on Monday, July 14th. Citigroup increased their price target on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday. Wall Street Zen lowered shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Morgan Stanley raised their price objective on shares of Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Eaton has an average rating of "Moderate Buy" and a consensus target price of $381.00.

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.