Virtu Financial LLC Has $1.73 Million Stake in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Virtu Financial LLC has reduced its stake in Eaton Corporation by 33.1%, now holding 6,378 shares worth approximately $1.73 million.
• Analysts are optimistic about Eaton's stock, with a consensus average rating of "Moderate Buy" and a price target of $383.63, reflecting strong interest from institutional investors.
• Eaton recently announced a quarterly dividend of $1.04 per share, which contributes to an annual yield of 1.1% and demonstrates a healthy dividend payout ratio of 41.85%.

Virtu Financial LLC trimmed its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 33.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,378 shares of the industrial products company's stock after selling 3,155 shares during the period. Virtu Financial LLC's holdings in Eaton were worth $1,734,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ETN. Vanguard Group Inc. increased its position in shares of Eaton by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company's stock worth $10,195,725,000 after purchasing an additional 289,819 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after buying an additional 192,482 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after buying an additional 368,241 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Eaton by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company's stock worth $1,083,442,000 after purchasing an additional 427,509 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Eaton by 15.8% in the 1st quarter. Invesco Ltd. now owns 3,913,209 shares of the industrial products company's stock valued at $1,063,727,000 after buying an additional 533,774 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on ETN shares. Wells Fargo & Company upped their target price on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley increased their target price on Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. KeyCorp increased their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Evercore ISI boosted their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Finally, Citigroup upped their price objective on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $383.63.

Eaton Price Performance

Shares of ETN traded down $2.52 during trading hours on Thursday, hitting $354.98. 1,895,005 shares of the company were exchanged, compared to its average volume of 3,065,979. The firm's fifty day moving average is $357.16 and its 200 day moving average is $318.17. The company has a market cap of $138.19 billion, a price-to-earnings ratio of 35.71, a P/E/G ratio of 2.68 and a beta of 1.18. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. 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 released its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. The firm had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.73 earnings per share. On average, equities analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. Eaton's dividend payout ratio (DPR) is presently 41.85%.

Insider Activity

In related news, insider Olivier Leonetti sold 16,018 shares of the firm's 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 completion of the transaction, the insider directly owned 630 shares of the company's stock, valued at $225,785.70. This trade represents a 96.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company's stock.

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.