Mackenzie Financial Corp Reduces Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Mackenzie Financial Corp lessened its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 41.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,369 shares of the industrial products company's stock after selling 70,319 shares during the period. Mackenzie Financial Corp's holdings in Eaton were worth $26,468,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ETN. IMA Advisory Services Inc. purchased a new stake in Eaton during the first quarter worth about $25,000. Capital A Wealth Management LLC purchased a new stake in Eaton during the fourth quarter worth about $26,000. Creative Financial Designs Inc. ADV increased its stake in shares of Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after purchasing an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in shares of Eaton in the fourth quarter worth about $33,000. Finally, Abound Wealth Management increased its stake in shares of 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 purchasing an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction dated 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 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. BNP Paribas assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Barclays lifted their target price on shares of Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Sanford C. Bernstein restated an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a research report on Monday, July 14th. Wells Fargo & Company raised their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Finally, Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Eaton has a consensus rating of "Moderate Buy" and an average target price of $377.89.

Eaton Trading Down 0.8%

Shares of NYSE ETN traded down $3.20 during mid-day trading on Friday, hitting $381.52. The stock had a trading volume of 2,416,712 shares, compared to its average volume of 3,052,825. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56. The business has a 50 day moving average price of $349.71 and a two-hundred day moving average price of $317.50. The firm has a market cap of $149.29 billion, a P/E ratio of 38.50, a price-to-earnings-growth ratio of 2.94 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.40 earnings per share. On average, equities analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

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

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.