Mengis Capital Management Inc. Buys 1,048 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Mengis Capital Management Inc. increased its stake in Eaton Corporation by 37.8%, acquiring an additional 1,048 shares, bringing its total holdings to 3,820 shares valued at approximately $1,038,000.
• Recent analysts' reports indicate strong support for Eaton, with multiple firms raising their price targets, including Citigroup raising it to $420.00 and KeyCorp to $410.00, contributing to a consensus price target of $377.89.
• Eaton recently announced a quarterly dividend of $1.04 per share, equating to an annualized yield of 1.1%, with a dividend payout ratio of 41.98%.

Mengis Capital Management Inc. raised its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 37.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,820 shares of the industrial products company's stock after acquiring an additional 1,048 shares during the period. Mengis Capital Management Inc.'s holdings in Eaton were worth $1,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Checchi Capital Advisers LLC grew its position in shares of Eaton by 0.7% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock valued at $1,378,000 after purchasing an additional 37 shares during the period. Lantern Wealth Advisors LLC lifted its stake in Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after buying an additional 38 shares in the last quarter. AGH Wealth Advisors LLC boosted its holdings in shares of Eaton by 2.6% in the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock valued at $412,000 after buying an additional 38 shares during the period. Revolve Wealth Partners LLC increased its position in shares of Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after acquiring an additional 38 shares in the last quarter. Finally, Tritonpoint Wealth LLC raised its holdings in shares of Eaton by 3.9% during the first quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock worth $282,000 after acquiring an additional 39 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of research reports. Sanford C. Bernstein reiterated an "outperform" rating and set a $396.00 target price on shares of Eaton in a report on Monday, July 14th. Morgan Stanley decreased their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Barclays boosted their target price on Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a report on Saturday. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on 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 of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction 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 sale, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company's stock.

Eaton Stock Performance

Shares of ETN traded down $3.20 during mid-day trading on Friday, reaching $381.52. The company's stock had a trading volume of 2,416,764 shares, compared to its average volume of 2,049,141. 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 simple moving average of $350.92 and a two-hundred day simple moving average of $317.79. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The stock has a market cap of $149.29 billion, a P/E ratio of 38.50, a PEG ratio of 2.88 and a beta of 1.18.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. The firm 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 company's quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.40 earnings per share. As a group, equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

About Eaton

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.