Pictet Asset Management Holding SA Lowers Stake in Eaton Corporation, PLC (NYSE:ETN)

Pictet Asset Management Holding SA cut its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 12.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,439,461 shares of the industrial products company's stock after selling 199,643 shares during the period. Pictet Asset Management Holding SA owned about 0.37% of Eaton worth $391,289,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC raised its position in shares of Eaton by 0.7% during 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 during the last quarter. Lantern Wealth Advisors LLC grew its stake 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 valued at $1,340,000 after acquiring an additional 38 shares during the period. AGH Wealth Advisors LLC grew its stake 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 valued at $412,000 after acquiring an additional 38 shares during the period. Revolve Wealth Partners LLC boosted its position in shares of Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after buying an additional 38 shares during the period. Finally, Tritonpoint Wealth LLC boosted its position in shares of Eaton by 3.9% during the first quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock worth $282,000 after buying an additional 39 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction 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 sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction 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 transaction, the insider owned 3,382 shares of the company's stock, 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 a total of 156,660 shares of company stock worth $49,622,894 over the last 90 days. Insiders own 0.30% of the company's stock.

Analyst Ratings Changes

ETN has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Barclays increased their target price on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Evercore ISI increased their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. increased their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Citigroup increased their target price on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Eaton currently has an average rating of "Moderate Buy" and a consensus target price of $377.89.

Eaton Price Performance

Eaton stock traded down $1.83 during mid-day trading on Friday, hitting $378.89. The stock had a trading volume of 2,941,019 shares, compared to its average volume of 2,666,753. The firm's 50 day moving average is $339.29 and its 200 day moving average is $314.81. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $384.51. The firm has a market capitalization of $148.26 billion, a P/E ratio of 38.23, a P/E/G ratio of 2.87 and a beta of 1.17. 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 (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating 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 net margin of 15.55% and a return on equity of 23.41%. The business's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.40 EPS. On average, sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.10%. Eaton's dividend payout ratio is currently 41.98%.

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.