Vestmark Advisory Solutions Inc. Grows Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Vestmark Advisory Solutions Inc. increased its stake in Eaton Corporation by 88.1%, owning 34,846 shares valued at approximately $9.47 million after acquiring an additional 16,318 shares.
• Eaton reported a quarterly earnings per share (EPS) of $2.95, exceeding analysts' expectations, and posted revenue of $7.03 billion, which was a 10.7% year-over-year increase.
• The company announced a quarterly dividend of $1.04 per share, contributing to an annualized dividend of $4.16 and reflecting a dividend yield of 1.2%.

Vestmark Advisory Solutions Inc. lifted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 88.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,846 shares of the industrial products company's stock after purchasing an additional 16,318 shares during the quarter. Vestmark Advisory Solutions Inc.'s holdings in Eaton were worth $9,472,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ETN. Brighton Jones LLC lifted its holdings in shares of Eaton by 1.4% in 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 stake in shares of Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 136 shares during the period. Bank Pictet & Cie Europe AG purchased a new stake in shares of Eaton during the fourth quarter valued at approximately $42,839,000. Townsquare Capital LLC boosted its stake in shares of Eaton by 18.0% during the fourth quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock valued at $1,990,000 after purchasing an additional 916 shares during the period. Finally, Bridgewater Associates LP purchased a new stake in shares of Eaton during the fourth quarter valued at approximately $13,652,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Activity

In related news, insider Olivier Leonetti sold 16,018 shares of the stock in a transaction on Thursday, August 7th. The stock was 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 in the company, valued at approximately $225,785.70. This represents a 96.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on ETN. Morgan Stanley increased their price objective on Eaton from $375.00 to $425.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. BNP Paribas began coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a report on Monday, July 14th. Finally, Evercore ISI boosted their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $383.63.

Eaton Stock Performance

Shares of NYSE:ETN traded down $4.23 during mid-day trading on Friday, reaching $350.87. 1,899,668 shares of the company traded hands, compared to its average volume of 2,748,565. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.24 and a quick ratio of 0.76. The firm has a market cap of $136.59 billion, a PE ratio of 35.30, a PEG ratio of 2.59 and a beta of 1.18. The company's 50 day moving average price is $358.11 and its 200-day moving average price is $318.76.

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

Eaton Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio is 41.85%.

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.