Swiss National Bank Sells 10,000 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• The Swiss National Bank has reduced its holdings in Eaton Corporation by 10,000 shares, now owning approximately 1,114,600 shares valued at $302.98 million.
• Eaton reported a quarterly earnings per share of $2.95, surpassing analysts' estimates, and achieved $7.03 billion in revenue, a 10.7% year-over-year increase.
• The company has announced a quarterly dividend of $1.04, yielding 1.2%, with a dividend payout ratio of 41.85%.

Swiss National Bank trimmed its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 0.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,114,600 shares of the industrial products company's stock after selling 10,000 shares during the period. Swiss National Bank owned about 0.28% of Eaton worth $302,982,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Eaton by 0.7% in the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after acquiring an additional 96 shares during the period. Bearing Point Capital LLC acquired a new position in Eaton in the fourth quarter worth $2,713,000. Brighton Jones LLC raised its stake in shares of Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after acquiring an additional 164 shares during the last quarter. Kennebec Savings Bank raised its position in Eaton by 5.4% in the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock worth $738,000 after purchasing an additional 139 shares during the last quarter. Finally, American National Bank & Trust boosted its position in Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after buying an additional 162 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Up 0.8%

Shares of NYSE:ETN traded up $2.91 during mid-day trading on Friday, reaching $363.07. 2,139,096 shares of the stock were exchanged, compared to its average volume of 2,661,468. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The company has a market cap of $141.34 billion, a P/E ratio of 36.53, a P/E/G ratio of 2.68 and a beta of 1.18. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The stock's 50 day simple moving average is $354.99 and its 200-day simple moving average is $318.01.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.03. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. Eaton's quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $2.73 earnings per share. As a group, equities research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.1%. Eaton's dividend payout ratio (DPR) is presently 41.85%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ETN. Evercore ISI upped their price target on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $396.00 price target on shares of Eaton in a research note on Monday, July 14th. Royal Bank Of Canada upped their price target on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Citigroup increased their target price on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Wall Street Zen lowered Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average target price of $383.63.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

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.