Sfmg LLC Has $1.15 Million Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Sfmg LLC reduced its stake in Eaton Corporation by 13.6%, selling 665 shares and now holding a total of 4,212 shares valued at approximately $1.145 million.
• In the first quarter, other institutions like GAMMA Investing LLC and Kennebec Savings Bank also adjusted their positions, showing a trend of moderate investment activity among hedge funds and institutional investors.
• Citigroup raised its price target for Eaton shares from $351.00 to $420.00, reflecting a positive outlook, while analysts maintain a consensus rating of "Moderate Buy" with a target price of $377.89.

Sfmg LLC cut its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 13.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,212 shares of the industrial products company's stock after selling 665 shares during the period. Sfmg LLC's holdings in Eaton were worth $1,145,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Checchi Capital Advisers LLC lifted its position in Eaton by 0.7% during the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock worth $1,378,000 after buying an additional 37 shares during the period. Lantern Wealth Advisors LLC lifted its holdings in shares of Eaton by 1.0% during the 4th 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 period. AGH Wealth Advisors LLC grew its holdings in Eaton by 2.6% in the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock valued at $412,000 after purchasing an additional 38 shares during the period. Revolve Wealth Partners LLC increased its position in Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after purchasing an additional 38 shares during the last quarter. Finally, Tritonpoint Wealth LLC boosted its holdings in shares of Eaton by 3.9% in the 1st quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock valued at $282,000 after purchasing an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Down 7.1%

Shares of NYSE ETN traded down $27.33 during mid-day trading on Tuesday, reaching $357.43. The company had a trading volume of 7,064,144 shares, compared to its average volume of 2,217,054. The stock has a market capitalization of $139.86 billion, a PE ratio of 36.07, a price-to-earnings-growth ratio of 2.90 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The stock's 50 day moving average is $352.19 and its 200-day moving average is $317.69.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, beating analysts' consensus estimates 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 15.55% and a return on equity of 23.41%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.73 earnings per share. As a group, equities analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio is 41.98%.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on 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 sale, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. Wells Fargo & Company raised their price objective on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. KeyCorp boosted their target price on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Evercore ISI lifted their price target on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $377.89.

About Eaton

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.