Mitsubishi UFJ Asset Management UK Ltd. Acquires New Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. has acquired a new stake in Eaton Corporation, PLC, purchasing 1,700 shares valued at approximately $462,000.
• Eaton's recent quarterly earnings surpassed expectations, reporting $2.95 EPS against a consensus estimate of $2.92, with revenue of $7.03 billion for the quarter, marking a year-over-year increase of 10.7%.
• The company recently declared a quarterly dividend of $1.04 per share, with a current annualized yield of 1.2%, and a payout ratio of 41.85%.

Mitsubishi UFJ Asset Management UK Ltd. acquired a new stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 1,700 shares of the industrial products company's stock, valued at approximately $462,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Eaton by 0.8% in the first quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock valued at $10,195,725,000 after acquiring an additional 289,819 shares during the period. Nuveen LLC acquired a new position in shares of Eaton during the 1st quarter worth $1,472,231,000. Nuveen Asset Management LLC raised its stake in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after buying an additional 192,482 shares during the last quarter. Northern Trust Corp raised its stake in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after buying an additional 368,241 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Eaton by 12.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company's stock worth $1,083,442,000 after buying an additional 427,509 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Down 1.6%

Shares of NYSE:ETN opened at $357.32 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56. The stock has a market capitalization of $139.10 billion, a P/E ratio of 35.95, a PEG ratio of 2.68 and a beta of 1.18. The stock has a 50-day simple moving average of $357.16 and a 200-day simple moving average of $318.17.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.92 by $0.03. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. Eaton's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.73 EPS. Equities analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. Eaton's dividend payout ratio (DPR) is presently 41.85%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ETN shares. JPMorgan Chase & Co. lifted their price target on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Barclays lifted their price target on Eaton from $340.00 to $344.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. BNP Paribas Exane assumed coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Finally, Wall Street Zen cut Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $383.63.

Insider Activity at Eaton

In related news, insider Olivier Leonetti sold 16,018 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the sale, the insider directly owned 630 shares of the company's stock, valued at approximately $225,785.70. This represents a 96.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company's stock.

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.

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