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MGO One Seven LLC Lowers Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Eaton logo with Industrials background

Key Points

  • MGO One Seven LLC has reduced its stake in Eaton Corporation by 16.2%, owning 11,183 shares valued at approximately $3.04 million as of the latest SEC filing.
  • Analysts have raised their price targets for Eaton, with Goldman Sachs now at $382 and Sanford C. Bernstein setting it at $396, reflecting strong investor confidence.
  • Eaton announced a quarterly dividend of $1.04 per share, resulting in an annualized dividend yield of 1.1%, with a payout ratio of 41.98%.
  • Five stocks to consider instead of Eaton.

MGO One Seven LLC lowered its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 16.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 11,183 shares of the industrial products company's stock after selling 2,165 shares during the quarter. MGO One Seven LLC's holdings in Eaton were worth $3,040,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. IMA Advisory Services Inc. acquired a new stake in Eaton in the 1st quarter valued at $25,000. Capital A Wealth Management LLC acquired a new stake in Eaton in the 4th quarter valued at $26,000. Creative Financial Designs Inc. ADV grew its stake in Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new stake in Eaton in the 4th quarter valued at $33,000. Finally, Abound Wealth Management boosted its stake in Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after purchasing an additional 62 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Stock Down 0.8%

Shares of ETN traded down $3.20 during mid-day trading on Friday, hitting $381.52. 2,416,764 shares of the company's stock were exchanged, compared to its average volume of 2,049,141. The company has a market cap of $149.29 billion, a price-to-earnings ratio of 38.50, a P/E/G ratio of 2.88 and a beta of 1.18. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The stock's 50-day moving average is $350.92 and its 200-day moving average is $317.79.

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

Eaton Announces Dividend

The company also recently declared 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 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%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ETN. Wall Street Zen cut shares of Eaton from a "buy" rating to a "hold" rating in a research note on Saturday. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $396.00 target price on shares of Eaton in a research note on Monday, July 14th. The Goldman Sachs Group lifted their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. BNP Paribas Exane began coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Finally, Royal Bank Of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Seven equities research 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 company has an average rating of "Moderate Buy" and an average price target of $377.89.

Read Our Latest Stock Analysis on ETN

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the transaction, the insider owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were 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 represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 in the last quarter. 0.30% of the stock is owned by insiders.

Eaton Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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