Saturna Capital Corp Grows Position in Eaton Corporation, PLC (NYSE:ETN)

Saturna Capital Corp boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 52.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 202,833 shares of the industrial products company's stock after purchasing an additional 70,130 shares during the period. Saturna Capital Corp owned approximately 0.05% of Eaton worth $55,136,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Checchi Capital Advisers LLC lifted its holdings in shares of Eaton by 0.7% in 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 lifted its holdings in shares of Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock worth $1,340,000 after acquiring an additional 38 shares during the last quarter. AGH Wealth Advisors LLC lifted its holdings in shares of Eaton by 2.6% in the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock worth $412,000 after acquiring an additional 38 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in shares of Eaton by 4.2% in the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after acquiring an additional 38 shares during the last quarter. Finally, Tritonpoint Wealth LLC lifted its holdings in shares of Eaton by 3.9% in the first quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock worth $282,000 after acquiring an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ETN shares. KeyCorp raised their price objective on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday. Barclays lifted their price target on shares of Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Evercore ISI lifted 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. upped their price target on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Citigroup upped 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 equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred 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 owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Eaton Stock Down 0.5%

Eaton stock traded down $1.83 during mid-day trading on Friday, hitting $378.89. 2,941,019 shares of the company's stock were exchanged, compared to its average volume of 2,666,753. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The stock has a market cap 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. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $384.51. The stock has a 50 day moving average of $339.29 and a two-hundred day moving average of $314.81.

Eaton (NYSE:ETN - Get Free Report) last released its 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. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter last year, the company earned $2.40 earnings per share. The firm's revenue was up 7.3% on a year-over-year basis. As a group, analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued 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 dividend yield of 1.10%. Eaton's payout ratio is 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.