Public Sector Pension Investment Board Grows Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Eaton Corporation, PLC by 10.0%, owning 418,818 shares worth approximately $113.8 million as of the latest 13F filing.
• Eaton reported earnings of $2.95 per share, surpassing analysts' estimates, with a revenue of $7.03 billion for the quarter, marking a 10.7% year-over-year increase.
• The company announced a quarterly dividend of $1.04 per share, with a payout ratio currently standing at 41.85%.

Public Sector Pension Investment Board raised its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 10.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 418,818 shares of the industrial products company's stock after buying an additional 38,230 shares during the period. Public Sector Pension Investment Board owned about 0.11% of Eaton worth $113,847,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Eaton by 0.7% in the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock worth $3,593,000 after buying an additional 96 shares during the period. Bearing Point Capital LLC purchased a new position in shares of Eaton in the 4th quarter valued at approximately $2,713,000. Brighton Jones LLC boosted its position in shares of Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after purchasing an additional 164 shares in the last quarter. Kennebec Savings Bank grew its stake in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock worth $738,000 after purchasing an additional 139 shares during the period. Finally, American National Bank & Trust lifted its position in Eaton by 5.4% during the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after buying an additional 162 shares during the period. Institutional investors own 82.97% of the company's stock.

Insider Activity at Eaton

In other news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total value of $5,740,691.02. Following the transaction, the insider owned 630 shares of the company's stock, valued at approximately $225,785.70. The trade was a 96.22% 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 hyperlink. 0.30% of the stock is owned by insiders.

Eaton Stock Performance

Shares of ETN traded down $2.52 during trading hours on Thursday, hitting $354.98. The stock had a trading volume of 1,895,204 shares, compared to its average volume of 3,065,984. The firm has a market capitalization of $138.19 billion, a PE ratio of 35.71, a PEG ratio of 2.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76. The stock has a fifty day moving average price of $357.16 and a 200 day moving average price of $318.17. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.03. The company 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%. Eaton's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.73 earnings per share. Analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders 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 is Thursday, August 7th. Eaton's payout ratio is presently 41.85%.

Analyst Ratings Changes

A number of analysts have recently weighed in on ETN shares. BNP Paribas initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. KeyCorp lifted their target price on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Wall Street Zen downgraded Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Barclays lifted their price objective on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Eaton has a consensus 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.