Seaview Investment Managers LLC Takes Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Seaview Investment Managers LLC has acquired 1,565 shares of Eaton Corporation, valued at approximately $425,000, as reported in their Form 13F filing with the SEC.
• Eaton reported a 10.7% year-over-year revenue increase to $7.03 billion and beat earnings expectations with $2.95 EPS per share.
• The company announced a quarterly dividend of $1.04, which represents an annualized yield of 1.2%, to be distributed on August 22nd.

Seaview Investment Managers LLC bought a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,565 shares of the industrial products company's stock, valued at approximately $425,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ETN. Brighton Jones LLC lifted its position in Eaton by 1.4% during the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after acquiring an additional 45 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after buying an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new stake in shares of Eaton during the fourth quarter worth $42,839,000. Townsquare Capital LLC lifted its stake in shares of Eaton by 18.0% during the fourth quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock worth $1,990,000 after buying an additional 916 shares during the period. Finally, Bridgewater Associates LP purchased a new position in shares of Eaton during the fourth quarter worth $13,652,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Performance

ETN opened at $357.32 on Thursday. The firm has a market capitalization of $139.10 billion, a PE ratio of 35.95, a PEG ratio of 2.68 and a beta of 1.18. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The firm's 50-day moving average price is $357.16 and its 200 day moving average price is $318.17. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last posted 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 analyst estimates of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. Eaton's revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.73 EPS. As a group, sell-side analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal 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 issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio is presently 41.85%.

Insiders Place Their Bets

In other news, insider Olivier Leonetti sold 16,018 shares of the company's stock in a transaction that occurred 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 directly owned 630 shares in the company, valued at approximately $225,785.70. This represents a 96.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ETN shares. KeyCorp boosted their target price on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Raymond James Financial set a $415.00 price objective on shares of Eaton and gave the company an "outperform" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Citigroup lifted their price objective on shares of Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton has an average rating of "Moderate Buy" and a consensus target price of $383.63.

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.

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