Marco Investment Management LLC Has $3.54 Million Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Marco Investment Management LLC has increased its stake in Eaton Corporation by 49.3%, owning 13,008 shares valued at approximately $3.54 million as of its latest SEC filing.
• Eaton's quarterly earnings surpassed analysts' expectations, reporting $2.72 earnings per share and revenues of $6.38 billion, representing a year-over-year increase of 7.3%.
• The company announced a quarterly dividend of $1.04 per share, reflecting an annualized dividend yield of 1.06% based on a payout ratio of 41.98%.

Marco Investment Management LLC raised its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 49.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,008 shares of the industrial products company's stock after buying an additional 4,294 shares during the period. Marco Investment Management LLC's holdings in Eaton were worth $3,536,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ETN. GAMMA Investing LLC raised its holdings in shares of Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after purchasing an additional 96 shares in the last quarter. Bearing Point Capital LLC acquired a new stake in shares of Eaton during the 4th quarter valued at about $2,713,000. Brighton Jones LLC boosted its position in Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after buying an additional 164 shares in the last quarter. Kennebec Savings Bank boosted its position in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after buying an additional 139 shares in the last quarter. Finally, American National Bank & Trust boosted its position in Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after buying an additional 162 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on ETN. Royal Bank Of Canada boosted their price target 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. Wells Fargo & Company boosted their price target 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. Evercore ISI boosted their price target on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. KeyCorp boosted their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, Morgan Stanley dropped their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton presently has an average rating of "Moderate Buy" and a consensus target price of $377.89.

Insider Buying and Selling

In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value 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 represents a 38.53% decrease in their ownership of the stock. 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 that occurred on 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 completion of the transaction, the insider owned 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company's stock.

Eaton Trading Down 1.0%

NYSE ETN traded down $3.73 during trading on Friday, reaching $380.99. 1,537,314 shares of the stock traded hands, compared to its average volume of 3,045,962. The firm has a market cap of $149.08 billion, a price-to-earnings ratio of 38.42, a price-to-earnings-growth ratio of 2.94 and a beta of 1.17. The stock's 50-day moving average price is $349.71 and its 200 day moving average price is $317.50. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.40 earnings per share. Analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

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