Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Mesirow Financial Investment Management Inc.

Key Points

• Mesirow Financial Investment Management Inc. reduced its holdings in Eaton Corporation by 17.7%, selling 956 shares and owning a total of 4,445 shares valued at $1.21 million as of the latest SEC filing.
• Analysts have raised their price targets for Eaton, with Goldman Sachs setting a new target of $382.00 and Citigroup increasing theirs to $420.00, reflecting a positive outlook for the company.
• Eaton announced a quarterly dividend of $1.04 per share, with a yield of 1.07%, indicating continued shareholder returns amid strong financial performance.

Mesirow Financial Investment Management Inc. cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 17.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,445 shares of the industrial products company's stock after selling 956 shares during the period. Mesirow Financial Investment Management Inc.'s holdings in Eaton were worth $1,208,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ETN. GAMMA Investing LLC lifted its holdings in shares of Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock worth $3,593,000 after purchasing an additional 96 shares during the period. Bearing Point Capital LLC acquired a new stake in shares of Eaton during the fourth quarter worth $2,713,000. Brighton Jones LLC lifted its holdings in shares of Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after purchasing an additional 164 shares during the period. Kennebec Savings Bank lifted its holdings in shares of Eaton by 5.4% during the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock worth $738,000 after purchasing an additional 139 shares during the period. Finally, American National Bank & Trust lifted its holdings in shares of Eaton by 5.4% during the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after purchasing an additional 162 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Michael Yelton sold 2,120 shares of the business'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 completion of the transaction, the insider owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the business'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 completion of the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 in the last three months. 0.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their price target on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. Royal Bank Of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Morgan Stanley reduced their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Eaton presently has an average rating of "Moderate Buy" and an average price target of $377.89.

Eaton Price Performance

Shares of NYSE:ETN traded down $3.20 during midday trading on Friday, hitting $381.52. 2,416,764 shares of the stock were exchanged, compared to its average volume of 2,049,141. The stock has a market cap of $149.29 billion, a P/E ratio of 38.50, a PEG ratio of 2.90 and a beta of 1.18. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The company has a 50 day moving average price of $350.92 and a 200-day moving average price of $317.79.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.1%. 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.