Y Intercept Hong Kong Ltd Increases Stake in Eaton Corporation, PLC (NYSE:ETN)

Y Intercept Hong Kong Ltd grew its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 216.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,494 shares of the industrial products company's stock after buying an additional 14,024 shares during the period. Y Intercept Hong Kong Ltd's holdings in Eaton were worth $5,571,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Eaton in the fourth quarter worth $1,495,582,000. GAMMA Investing LLC grew its stake in Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after purchasing an additional 3,580,198 shares during the period. Capital International Investors purchased a new stake in Eaton in the fourth quarter worth $523,541,000. Leigh Baldwin & CO. LLC purchased a new stake in Eaton in the fourth quarter worth $231,552,000. Finally, Janus Henderson Group PLC grew its stake in Eaton by 24.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after purchasing an additional 588,370 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

ETN stock traded up $4.73 during trading on Friday, reaching $389.63. The stock had a trading volume of 846,175 shares, compared to its average volume of 3,065,562. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $391.36. The stock's 50 day moving average is $343.32 and its two-hundred day moving average is $315.89. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a market cap of $152.46 billion, a PE ratio of 39.34, a PEG ratio of 2.87 and a beta of 1.17.

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

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is currently 41.98%.

Insider Activity

In other news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last ninety days. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ETN shares. The Goldman Sachs Group increased their target price on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Citigroup increased their target price on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and a consensus price target of $377.89.

About Eaton

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.