Rathbones Group PLC Has $7.39 Million Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Rathbones Group PLC reduced its stake in Eaton Corporation by 8.9%, selling 2,657 shares and holding 27,185 shares worth approximately $7.39 million at the end of the reporting period.
• Insider Olivier Leonetti sold 16,018 shares for about $5.74 million, drastically reducing his position by 96.22%.
• Eaton reported a quarterly earnings per share (EPS) of $2.95, which exceeded analysts' expectations, with revenue reaching $7.03 billion, reflecting a 10.7% year-over-year increase.

Rathbones Group PLC lowered its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 8.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,185 shares of the industrial products company's stock after selling 2,657 shares during the quarter. Rathbones Group PLC's holdings in Eaton were worth $7,390,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Brighton Jones LLC boosted its position in Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after purchasing an additional 45 shares during the period. Revolve Wealth Partners LLC raised its stake in Eaton by 17.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after acquiring an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG bought a new stake in Eaton during the 4th quarter valued at $42,839,000. Townsquare Capital LLC raised its stake in Eaton by 18.0% during the 4th quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock valued at $1,990,000 after acquiring an additional 916 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Eaton during the 4th quarter valued at $1,239,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling

In other news, insider Olivier Leonetti sold 16,018 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the sale, the insider owned 630 shares in the company, valued at approximately $225,785.70. This represents a 96.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ETN has been the topic of several recent analyst reports. Citigroup lifted their target price on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Wall Street Zen downgraded Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Royal Bank Of Canada boosted their price objective on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Finally, Morgan Stanley boosted their price objective on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $383.63.

Eaton Stock Down 1.2%

Shares of ETN stock traded down $4.23 on Friday, reaching $350.87. 1,899,668 shares of the company's stock traded hands, compared to its average volume of 3,058,462. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. The company has a market capitalization of $136.59 billion, a P/E ratio of 35.30, a price-to-earnings-growth ratio of 2.64 and a beta of 1.18. The business's 50 day moving average price is $357.73 and its two-hundred day moving average price is $318.48.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter last year, the firm earned $2.73 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders 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 1.2%. Eaton's payout ratio is 41.85%.

Eaton Company 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.