Eaton Corporation, PLC $ETN Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Eaton Corporation by 8.6%, now holding 134,715 shares valued at approximately $36.62 million.
• Eaton Corporation recently reported quarterly earnings of $2.95 per share, exceeding estimates and showing a 10.7% revenue growth year-over-year.
• The company declared a quarterly dividend of $1.04 per share, reflecting a yield of 1.2% with a payout ratio of 41.85%.

State of New Jersey Common Pension Fund D decreased its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 134,715 shares of the industrial products company's stock after selling 12,658 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Eaton were worth $36,620,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. IMA Advisory Services Inc. purchased a new stake in shares of Eaton during the 1st quarter worth approximately $25,000. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the 4th quarter worth approximately $26,000. Creative Financial Designs Inc. ADV lifted its position in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after buying an additional 51 shares during the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton during the 4th quarter worth approximately $33,000. Finally, Abound Wealth Management lifted its position in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after buying an additional 62 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. KeyCorp raised their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Raymond James Financial raised their target price on shares of Eaton from $380.00 to $415.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. 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. Finally, BNP Paribas Exane began coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

Eaton Price Performance

Shares of NYSE ETN traded up $2.60 during trading on Monday, hitting $353.63. 1,158,486 shares of the company were exchanged, compared to its average volume of 2,696,507. The company has a market cap of $137.67 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 2.59 and a beta of 1.18. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56. The firm's fifty day moving average price is $358.67 and its 200 day moving average price is $318.89. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping 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%. The business's revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.73 EPS. On average, sell-side 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 announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders 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 presently 41.85%.

Insider Activity at Eaton

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of the business'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 directly owned 630 shares in the company, valued at approximately $225,785.70. The trade was a 96.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company's stock.

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.