Middleton & Co. Inc. MA Boosts Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Middleton & Co. Inc. MA significantly increased its stake in Eaton Corporation, PLC by 1,309.0%, acquiring an additional 10,655 shares and bringing its total holdings to 11,469 shares worth approximately $3.12 million.
• Eaton's insider, Craig Arnold, sold 103,486 shares valued over $33 million, reducing his ownership in the firm by 17.43%.
• Recent analyst upgrades include price targets reaching as high as $410.00, with a consensus rating of "Moderate Buy" and a target price of $377.89 for Eaton stock.

Middleton & Co. Inc. MA raised its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 1,309.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,469 shares of the industrial products company's stock after buying an additional 10,655 shares during the quarter. Middleton & Co. Inc. MA's holdings in Eaton were worth $3,118,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ETN. Checchi Capital Advisers LLC grew its position in Eaton by 0.7% in the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock worth $1,378,000 after acquiring an additional 37 shares in the last quarter. Lantern Wealth Advisors LLC grew its position 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 worth $1,340,000 after acquiring an additional 38 shares in the last quarter. AGH Wealth Advisors LLC grew its position in Eaton by 2.6% in the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock worth $412,000 after acquiring an additional 38 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Eaton by 4.2% in 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 grew its position in Eaton by 3.9% in 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 in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Up 0.3%

Shares of ETN stock traded up $1.11 during trading hours on Thursday, reaching $359.27. 3,057,623 shares of the company's stock were exchanged, compared to its average volume of 2,649,040. The stock's 50 day moving average is $354.13 and its 200-day moving average is $318.34. The company has a market cap of $140.58 billion, a price-to-earnings ratio of 36.14, a P/E/G ratio of 2.70 and a beta of 1.18. The company has a current ratio of 1.24, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. 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 results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.03. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.73 earnings per share. Analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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 given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio is presently 41.85%.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley boosted their target price on Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a research report on Wednesday. KeyCorp boosted their target price on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. BNP Paribas assumed coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Barclays boosted their target price on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $383.63.

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.