Eaton Corporation, PLC (NYSE:ETN) Shares Purchased by Ramirez Asset Management Inc.

Key Points

• Ramirez Asset Management Inc. increased its stake in Eaton Corporation by 46.9%, acquiring an additional 2,297 shares to raise its total holdings to 7,191 shares worth approximately $1.96 million.
• Analysts maintain a consensus rating of "Moderate Buy" for Eaton Corporation, with an average price target of $377.89, indicating a strong outlook for the stock.
• Eaton recently announced a quarterly dividend of $1.04 per share, with a dividend yield of 1.06% and a payout ratio of 41.98%.

Ramirez Asset Management Inc. increased its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 46.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,191 shares of the industrial products company's stock after purchasing an additional 2,297 shares during the period. Ramirez Asset Management Inc.'s holdings in Eaton were worth $1,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after buying an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new position in Eaton in the fourth quarter valued at $523,541,000. Leigh Baldwin & CO. LLC purchased a new position in Eaton in the fourth quarter valued at $231,552,000. Janus Henderson Group PLC increased its holdings in Eaton by 24.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock valued at $998,144,000 after buying an additional 588,370 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Eaton in the fourth quarter valued at $145,077,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Down 1.0%

ETN traded down $3.73 during trading hours on Friday, hitting $380.99. 1,537,314 shares of the company's stock were exchanged, compared to its average volume of 3,045,962. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56. The firm has a 50 day moving average of $349.71 and a 200 day moving average of $317.50. The firm has a market cap of $149.08 billion, a P/E ratio of 38.42, a price-to-earnings-growth ratio of 2.94 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 announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the firm posted $2.40 EPS. The company's quarterly revenue was up 7.3% compared to the same quarter last year. Analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a report on Monday, July 14th. Citigroup boosted their target price on shares of Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Barclays boosted their target price on shares of Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company boosted their target price on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Morgan Stanley cut their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction dated Monday, May 12th. The stock was 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 in the company, valued at approximately $158,214,632. This trade represents a 17.43% 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 ninety days. Insiders own 0.30% of the company's stock.

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.