Eaton Corporation, PLC (NYSE:ETN) Position Lessened by Strategy Asset Managers LLC

Key Points

• Strategy Asset Managers LLC reduced its holdings in Eaton Corporation by 7.7%, owning 19,512 shares worth approximately $5.3 million after selling 1,629 shares in the first quarter.
• A variety of institutional investors have changed their positions in Eaton, with some purchasing new stakes and others increasing their existing ones, collectively holding 82.97% of the company's stock.
• Eaton announced a quarterly dividend of $1.04, reflecting a 1.2% yield, with the ex-dividend date set for August 7th.

Strategy Asset Managers LLC decreased its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 7.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,512 shares of the industrial products company's stock after selling 1,629 shares during the quarter. Strategy Asset Managers LLC's holdings in Eaton were worth $5,304,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Checchi Capital Advisers LLC grew its holdings in shares of Eaton by 0.7% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock worth $1,378,000 after purchasing an additional 37 shares during the period. Lantern Wealth Advisors LLC raised its holdings in Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after buying an additional 38 shares during the period. AGH Wealth Advisors LLC lifted its position in Eaton by 2.6% during the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock valued at $412,000 after buying an additional 38 shares in the last quarter. Revolve Wealth Partners LLC grew its stake 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 buying an additional 38 shares during the period. Finally, Tritonpoint Wealth LLC raised its stake 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 acquiring an additional 39 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Up 0.8%

NYSE ETN traded up $2.91 during trading hours on Friday, reaching $363.07. 2,139,096 shares of the company traded hands, compared to its average volume of 2,661,468. The company has a 50 day moving average of $354.13 and a two-hundred day moving average of $318.34. The stock has a market capitalization of $141.34 billion, a PE ratio of 36.53, a PEG ratio of 2.66 and a beta of 1.18. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56. The company has a current ratio of 1.24, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly 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 business had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.73 earnings per share. As a group, equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders 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 dividend yield of 1.1%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio is 41.85%.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. KeyCorp upped their price target 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. BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. BNP Paribas Exane assumed coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Morgan Stanley boosted their price target on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their price target on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.