PNC Financial Services Group Inc. Has $251.27 Million Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• PNC Financial Services Group Inc. increased its stake in Eaton Corporation, now holding approximately $251.27 million in shares after purchasing an additional 16,154 shares in the first quarter.
• Several brokerages have raised their price targets for Eaton, with JPMorgan Chase & Co. increasing theirs to $360.00 and Citigroup to $420.00, affirming a generally positive outlook for the stock.
• Eaton recently declared a $1.04 per share quarterly dividend, with an annualized yield of 1.1%, indicating strong financial performance and commitment to returning value to shareholders.

PNC Financial Services Group Inc. lifted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 1.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 924,358 shares of the industrial products company's stock after buying an additional 16,154 shares during the quarter. PNC Financial Services Group Inc. owned about 0.24% of Eaton worth $251,268,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ETN. Brighton Jones LLC lifted its stake in shares of Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after buying an additional 45 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after buying an additional 136 shares during the period. Bank Pictet & Cie Europe AG bought a new position in Eaton in the 4th quarter valued at about $42,839,000. Trexquant Investment LP bought a new position in Eaton in the 4th quarter valued at about $8,349,000. Finally, ExodusPoint Capital Management LP grew its holdings in shares of Eaton by 65.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 31,165 shares of the industrial products company's stock valued at $10,343,000 after purchasing an additional 12,309 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ETN. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Citigroup boosted their price target on shares of Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday. The Goldman Sachs Group lifted their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, BNP Paribas Exane started coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

Insider Activity

In related news, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated 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 approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 transaction, the insider owned 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by company insiders.

Eaton Price Performance

ETN opened at $381.52 on Friday. The firm has a market cap of $149.29 billion, a P/E ratio of 38.50, a PEG ratio of 2.90 and a beta of 1.18. The firm has a 50-day moving average of $350.92 and a 200 day moving average of $317.79. 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 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 posted its quarterly 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. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.40 earnings per share. On average, research analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.1%. Eaton's dividend payout ratio is presently 41.98%.

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.

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