Machina Capital S.A.S. Acquires 895 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Machina Capital S.A.S. increased its holdings in Eaton Corporation, PLC by 29.8% in the first quarter, now owning shares worth $1.06 million.
• Insider transactions saw significant sales, with Craig Arnold selling over $33 million in shares, reducing his ownership by 17.43%.
• Eaton's stock has received positive analyst ratings, with a current average target price of $377.89 and 15 analysts rating it as a "buy."

Machina Capital S.A.S. lifted its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 29.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,902 shares of the industrial products company's stock after acquiring an additional 895 shares during the quarter. Machina Capital S.A.S.'s holdings in Eaton were worth $1,061,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ETN. IMA Advisory Services Inc. bought a new stake in shares of Eaton in the 1st quarter worth approximately $25,000. Capital A Wealth Management LLC bought a new stake in Eaton during the 4th quarter valued at $26,000. Creative Financial Designs Inc. ADV raised its holdings 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 valued at $27,000 after buying an additional 51 shares during the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the 4th quarter valued at $33,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Eaton during the 4th quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors.

Insider Activity

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were 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 approximately $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock worth $49,622,894 in the last 90 days. Company insiders own 0.30% of the company's stock.

Eaton Stock Up 0.2%

Eaton stock traded up $0.65 during mid-day trading on Monday, reaching $392.82. The stock had a trading volume of 899,780 shares, compared to its average volume of 3,058,848. The company has a market capitalization of $153.71 billion, a price-to-earnings ratio of 39.63, a PEG ratio of 2.96 and a beta of 1.17. The company has a 50-day moving average price of $344.57 and a two-hundred day moving average price of $315.82. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

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 (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.02. The business had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.40 EPS. On average, analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio is currently 41.98%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Evercore ISI upped their price target on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Wells Fargo & Company upped their price target on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. BNP Paribas Exane assumed coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. Finally, Citigroup boosted their price objective on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price 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.