Insider Selling: Eaton Corporation, PLC (NYSE:ETN) Insider Sells 16,018 Shares of Stock

Key Points

• Insider Olivier Leonetti sold 16,018 shares of Eaton Corporation stock at an average price of $358.39, resulting in a total transaction value of approximately $5.74 million.
• Eaton's stock recently traded down by 0.7%, reaching a price of $360.19, while the company reported a 10.7% increase in quarterly revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $1.04 per share, with an annualized yield of 1.2%, and a payout ratio of 41.85%.

Eaton Corporation, PLC (NYSE:ETN - Get Free Report) insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction dated 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 owned 630 shares of the company's stock, valued at $225,785.70. This represents a 96.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Eaton Stock Performance

ETN traded down $4.23 on Friday, hitting $350.87. 1,899,668 shares of the stock 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 current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $136.59 billion, a PE ratio of 35.30, a P/E/G ratio of 2.62 and a beta of 1.18. The business has a fifty day moving average price of $358.11 and a two-hundred day moving average price of $318.75.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS 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 for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the business earned $2.73 EPS. Eaton's revenue was up 10.7% compared to the same quarter last year. On average, research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

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 issued a $1.04 dividend. The ex-dividend date 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%.

Hedge Funds Weigh In On Eaton

Hedge funds have recently modified their holdings of the stock. Nuveen LLC acquired a new stake in shares of Eaton in the 1st quarter valued at $1,472,231,000. GAMMA Investing LLC lifted its holdings 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 valued at $976,772,000 after buying an additional 3,580,198 shares during the period. Ameriprise Financial Inc. lifted its holdings in Eaton by 85.4% in the first quarter. Ameriprise Financial Inc. now owns 3,629,464 shares of the industrial products company's stock valued at $986,966,000 after buying an additional 1,672,175 shares during the period. Capital International Investors bought a new stake in Eaton in the 4th quarter valued at about $523,541,000. Finally, Fayez Sarofim & Co boosted its holdings in Eaton by 606.3% in the first quarter. Fayez Sarofim & Co now owns 1,025,903 shares of the industrial products company's stock worth $282,262,000 after acquiring an additional 880,656 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Raymond James Financial set a $415.00 price target on shares of Eaton and gave the stock an "outperform" rating in a report on Thursday, August 7th. Citigroup increased their target price on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Sanford C. Bernstein restated an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a report on Monday, July 14th. KeyCorp raised their price objective on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Finally, Royal Bank Of Canada lifted their price target on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

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.