XTX Topco Ltd Raises Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• XTX Topco Ltd increased its stake in Eaton Corporation by 440.6%, owning 20,179 shares worth approximately $5.5 million as of their latest filing.
• Eaton reported a quarterly earnings of $2.72 EPS, exceeding analyst estimates and showing a revenue increase of 7.3% year-over-year to $6.38 billion.
• The company declared a quarterly dividend of $1.04 per share, with a payout ratio of 41.98% and an annualized dividend yield of 1.06%.

XTX Topco Ltd increased its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 440.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,179 shares of the industrial products company's stock after acquiring an additional 16,446 shares during the period. XTX Topco Ltd's holdings in Eaton were worth $5,485,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. IMA Advisory Services Inc. acquired a new stake in Eaton in the first quarter valued at $25,000. Capital A Wealth Management LLC acquired a new stake in Eaton in the fourth quarter valued at $26,000. Creative Financial Designs Inc. ADV raised its stake in Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after buying an additional 51 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Eaton in the fourth quarter valued at $33,000. Finally, Abound Wealth Management raised its stake in Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock valued at $40,000 after buying an additional 62 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. The Goldman Sachs Group boosted their target price on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. KeyCorp boosted their target price on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Wells Fargo & Company boosted their target price on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $396.00 target price on shares of Eaton in a report on Monday, July 14th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Eaton has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

Eaton Price Performance

Shares of ETN traded down $0.02 on Wednesday, reaching $389.99. The stock had a trading volume of 2,725,576 shares, compared to its average volume of 1,911,576. The firm has a market capitalization of $152.60 billion, a PE ratio of 39.35, a PEG ratio of 2.94 and a beta of 1.17. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average of $348.44 and a 200 day moving average of $317.20. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56.

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

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders 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 yield of 1.07%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the 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 sale, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

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.