US Bancorp DE Has $94.37 Million Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• US Bancorp DE raised its stake in Eaton Corporation, PLC by 13.9%, owning 347,164 shares worth approximately $94.37 million as of the latest SEC filing.
• Insider trading activity included Michael Yelton selling 2,120 shares and Craig Arnold selling 103,486 shares, indicating a significant decrease in their respective holdings.
• Eaton reported quarterly earnings of $2.72 per share, exceeding analyst expectations, and had a revenue increase of 7.3% compared to the previous year.

US Bancorp DE raised its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 13.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 347,164 shares of the industrial products company's stock after buying an additional 42,407 shares during the quarter. US Bancorp DE owned about 0.09% of Eaton worth $94,371,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after acquiring an additional 45 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares during the last quarter. Bank Pictet & Cie Europe AG bought a new position in Eaton in the fourth quarter valued at $42,839,000. Trexquant Investment LP bought a new stake in Eaton during the 4th quarter worth about $8,349,000. Finally, ExodusPoint Capital Management LP boosted its stake in shares of Eaton by 65.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 31,165 shares of the industrial products company's stock worth $10,343,000 after buying an additional 12,309 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling

In other news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction 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 transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by insiders.

Eaton Price Performance

Shares of NYSE ETN opened at $381.52 on Friday. The business has a fifty day moving average price of $350.92 and a two-hundred day moving average price of $317.79. The stock has a market capitalization of $149.29 billion, a PE ratio of 38.50, a P/E/G ratio of 2.90 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.40 earnings per share. As a group, equities analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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 dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio is 41.98%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of recent research reports. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Barclays upped their price objective on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Evercore ISI raised their target price on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Royal Bank Of Canada upped their price target 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. Finally, The Goldman Sachs Group increased their price target on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton presently has a consensus rating of "Moderate Buy" and an average price target of $377.89.

Eaton Company 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.

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