Bank Pictet & Cie Europe AG Buys 47,793 Shares of Eaton Co. plc (NYSE:ETN)

Bank Pictet & Cie Europe AG increased its stake in Eaton Co. plc (NYSE:ETN) by 37.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 176,877 shares of the industrial products company’s stock after buying an additional 47,793 shares during the quarter. Eaton comprises approximately 1.1% of Bank Pictet & Cie Europe AG’s holdings, making the stock its 26th largest holding. Bank Pictet & Cie Europe AG’s holdings in Eaton were worth $48,080,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Trust Co. of Toledo NA OH lifted its position in Eaton by 0.6% in the first quarter. Trust Co. of Toledo NA OH now owns 16,446 shares of the industrial products company’s stock worth $4,471,000 after buying an additional 91 shares during the last quarter. North Star Investment Management Corp. lifted its position in Eaton by 47.6% in the first quarter. North Star Investment Management Corp. now owns 11,789 shares of the industrial products company’s stock worth $3,205,000 after buying an additional 3,800 shares during the last quarter. Brighton Jones LLC lifted its position in Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock worth $953,000 after buying an additional 164 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Eaton by 45.9% during the first quarter. Exchange Traded Concepts LLC now owns 16,342 shares of the industrial products company’s stock worth $4,442,000 after purchasing an additional 5,138 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in shares of Eaton by 149.2% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 2,584 shares of the industrial products company’s stock worth $702,000 after purchasing an additional 1,547 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

ETN opened at $323.26 on Monday. The business’s 50-day moving average is $304.79 and its two-hundred day moving average is $314.23. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market capitalization of $126.49 billion, a PE ratio of 34.03, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. Research analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.29%. Eaton’s payout ratio is 41.98%.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 51,054 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now owns 489,444 shares in the company, valued at $149,490,880.92. The trade was a 9.45% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several research analyst reports. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. BNP Paribas initiated coverage on Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Royal Bank of Canada lifted their target price on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Wells Fargo & Company reiterated an “overweight” rating and set a $355.00 target price on shares of Eaton in a research report on Monday, May 5th. Finally, Barclays lifted their target price on Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research report on Monday, June 9th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $368.78.

Eaton 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.