Pacer Advisors Inc. Has $5.56 Million Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Pacer Advisors Inc. reduced its stake in Eaton Corporation by 35.3%, selling 11,160 shares and bringing their total holdings to 20,462 shares valued at approximately $5.56 million.
• Insider trading activity included Craig Arnold selling 103,486 shares for over $33 million, representing a 17.43% decrease in his position, while a total of 156,660 shares were sold by insiders in the last three months.
• Several analysts have increased price targets for Eaton, with KeyCorp raising it from $355.00 to $410.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $377.89.

Pacer Advisors Inc. cut its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 35.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,462 shares of the industrial products company's stock after selling 11,160 shares during the period. Pacer Advisors Inc.'s holdings in Eaton were worth $5,562,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after acquiring an additional 96 shares during the last quarter. Bearing Point Capital LLC bought a new stake in Eaton in the fourth quarter valued at about $2,713,000. Brighton Jones LLC lifted its stake in Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after buying an additional 164 shares during the period. Kennebec Savings Bank increased its stake in shares of Eaton by 5.4% in the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after acquiring an additional 139 shares during the last quarter. Finally, American National Bank & Trust boosted its stake in Eaton by 5.4% during the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after acquiring an additional 162 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

NYSE:ETN traded up $0.04 during mid-day trading on Thursday, reaching $390.13. 915,298 shares of the company's stock were exchanged, compared to its average volume of 3,043,024. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The business's fifty day simple moving average is $348.44 and its two-hundred day simple moving average is $317.20. The firm has a market capitalization of $152.66 billion, a PE ratio of 39.39, a price-to-earnings-growth ratio of 2.94 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion for 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 firm's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.40 earnings per share. Analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed 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 1.07%. Eaton's dividend payout ratio (DPR) is 41.98%.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the company's 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 directly owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred on 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 sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Royal Bank Of Canada boosted their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. BNP Paribas initiated coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Evercore ISI upped 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. KeyCorp lifted 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. Finally, Barclays upped their price target on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Six research analysts have rated the stock with a hold rating and fifteen 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 a consensus target price of $377.89.

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.