Scotia Capital Inc. Purchases 2,561 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Scotia Capital Inc. increased its stake in Eaton Corporation, PLC by 5.6%, owning a total of 48,221 shares valued at approximately $13.1 million after purchasing an additional 2,561 shares.
• Eaton's recent earnings report showed an EPS of $2.72, exceeding estimates and reflecting a year-over-year revenue increase of 7.3%.
• The company announced a quarterly dividend of $1.04 per share, indicating a 1.1% dividend yield and a payout ratio of approximately 41.98%.

Scotia Capital Inc. boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,221 shares of the industrial products company's stock after acquiring an additional 2,561 shares during the period. Scotia Capital Inc.'s holdings in Eaton were worth $13,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in shares of Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after buying an additional 96 shares during the last quarter. Bearing Point Capital LLC purchased a new stake in shares of Eaton during the fourth quarter valued at about $2,713,000. Brighton Jones LLC lifted 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 buying an additional 164 shares during the last quarter. Kennebec Savings Bank lifted its position in shares of Eaton by 5.4% during the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after buying an additional 139 shares during the last quarter. Finally, American National Bank & Trust lifted its position in shares of 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 last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Eaton news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.30% of the company's stock.

Eaton Price Performance

ETN stock traded down $27.33 during trading on Tuesday, hitting $357.43. The company had a trading volume of 7,064,144 shares, compared to its average volume of 2,217,054. The company has a fifty day moving average price of $352.19 and a two-hundred day moving average price of $317.69. 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 company has a market cap of $139.86 billion, a P/E ratio of 36.07, a P/E/G ratio of 2.90 and a beta of 1.18. 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 data on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm earned $2.73 earnings per share. The business's revenue was up 10.7% on a year-over-year basis. Equities research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio is currently 41.98%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group increased their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Wall Street Zen lowered shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company increased their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley decreased their price objective on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Finally, Barclays increased their price objective 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. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $377.89.

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.