Shellback Capital LP Invests $12.96 Million in Eaton Corporation, PLC $ETN

Key Points

• Shellback Capital LP has taken a significant position in Eaton Corporation, PLC, purchasing 47,659 shares valued at approximately $12.96 million in the 1st quarter.
• Eaton reported a 10.7% increase in revenue year-over-year during its latest quarter, with earnings per share (EPS) of $2.95, exceeding the consensus estimate.
• The company maintains an average price target of $379.10 among analysts, with 14 ratings for "Buy" and 8 ratings for "Hold."

Shellback Capital LP acquired a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 47,659 shares of the industrial products company's stock, valued at approximately $12,955,000.

Other hedge funds have also recently made changes to their positions in the company. IMA Advisory Services Inc. purchased a new position in shares of Eaton during the first quarter valued at approximately $25,000. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the fourth quarter valued at approximately $26,000. Creative Financial Designs Inc. ADV grew its position in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after buying an additional 51 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Eaton during the fourth quarter valued at approximately $33,000. Finally, Abound Wealth Management grew its position in Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after buying an additional 62 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In related news, insider Olivier Leonetti sold 16,018 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the sale, the insider owned 630 shares of the company's stock, valued at $225,785.70. This represents a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. Rothschild Redb upgraded shares of Eaton to a "hold" rating in a research report on Wednesday, August 20th. Redburn Atlantic assumed coverage on shares of Eaton in a research report on Wednesday, August 20th. They set a "hold" rating and a $336.00 target price for the company. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Finally, Wells Fargo & Company boosted their target price 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. Fourteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $379.10.

Eaton Price Performance

Eaton stock traded down $1.55 during mid-day trading on Tuesday, reaching $347.94. 1,759,315 shares of the company's stock traded hands, compared to its average volume of 1,818,921. The company has a market cap of $135.45 billion, a price-to-earnings ratio of 35.00, a PEG ratio of 2.50 and a beta of 1.16. The stock has a 50 day moving average of $361.99 and a two-hundred day moving average of $322.90. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $2.73 earnings per share. Eaton has set its Q3 2025 guidance at 3.010-3.070 EPS. FY 2025 guidance at 11.970-12.170 EPS. Equities analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Thursday, August 7th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.2%. Eaton's dividend payout ratio is presently 41.85%.

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.