Fifth Third Bancorp Raises Stake in Eaton Co. plc (NYSE:ETN)

Fifth Third Bancorp increased its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 11.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 335,798 shares of the industrial products company's stock after buying an additional 33,589 shares during the period. Fifth Third Bancorp owned about 0.08% of Eaton worth $104,997,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Summit Trail Advisors LLC raised its holdings in shares of Eaton by 22.4% in the 1st quarter. Summit Trail Advisors LLC now owns 6,124 shares of the industrial products company's stock worth $1,915,000 after purchasing an additional 1,120 shares during the period. Strategic Blueprint LLC increased its position in Eaton by 22.8% in the first quarter. Strategic Blueprint LLC now owns 4,785 shares of the industrial products company's stock worth $1,496,000 after buying an additional 890 shares during the last quarter. Revisor Wealth Management LLC purchased a new position in shares of Eaton during the 1st quarter valued at $283,000. Gerber LLC bought a new position in shares of Eaton during the 1st quarter worth $252,000. Finally, Sutton Place Investors LLC purchased a new stake in Eaton in the 1st quarter worth about $244,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Olivier Leonetti sold 4,461 shares of the business's stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares in the company, valued at approximately $171,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Olivier Leonetti sold 4,461 shares of the business's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now directly owns 630 shares in the company, valued at approximately $171,360. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares of the company's stock, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is currently owned by insiders.

Eaton Price Performance

Shares of ETN stock traded up $3.24 during trading on Thursday, hitting $315.27. The company had a trading volume of 3,009,305 shares, compared to its average volume of 2,039,761. Eaton Co. plc has a 52 week low of $165.24 and a 52 week high of $333.05. The stock has a market capitalization of $125.95 billion, a price-to-earnings ratio of 37.22, a price-to-earnings-growth ratio of 2.63 and a beta of 1.06. The company has a quick ratio of 1.02, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The stock's 50-day moving average is $307.97 and its two-hundred day moving average is $261.18.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm had revenue of $5.94 billion for the quarter, compared to analysts' expectations of $5.91 billion. During the same quarter last year, the company posted $1.88 EPS. The business's quarterly revenue was up 8.4% on a year-over-year basis. As a group, analysts predict that Eaton Co. plc will post 10.33 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, May 3rd. Eaton's payout ratio is currently 44.39%.

Analyst Ratings Changes

ETN has been the subject of a number of research reports. The Goldman Sachs Group increased their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a "buy" rating in a research report on Friday, March 15th. Barclays raised shares of Eaton from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Citigroup boosted their target price on shares of Eaton from $270.00 to $310.00 and gave the company a "buy" rating in a report on Friday, February 2nd. Berenberg Bank raised their price target on Eaton from $200.00 to $345.00 and gave the stock a "buy" rating in a report on Wednesday, March 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Eaton from $279.00 to $325.00 and gave the company an "overweight" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $309.60.

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.

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