Generate Investment Management Ltd Cuts Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Generate Investment Management Ltd reduced its position in Eaton Corporation, PLC (NYSE:ETN) by 19.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,720 shares of the industrial products company’s stock after selling 7,482 shares during the quarter. Generate Investment Management Ltd’s holdings in Eaton were worth $8,351,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ETN. Capital A Wealth Management LLC purchased a new stake in Eaton during the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new stake in Eaton during the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new stake in Eaton during the 4th quarter valued at about $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton during the 4th quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Eaton during the 4th quarter valued at about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eaton

In related 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 now directly owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 now directly owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 over the last ninety days. Insiders own 0.30% of the company’s stock.

Eaton Stock Up 3.2%

ETN stock opened at $343.55 on Wednesday. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99. 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 market cap of $134.43 billion, a PE ratio of 34.67, a price-to-earnings-growth ratio of 2.58 and a beta of 1.16. The business has a 50 day moving average of $313.24 and a 200 day moving average of $312.76.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the company earned $2.40 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.21%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Wall Street Analyst Weigh In

ETN has been the subject of several research analyst reports. Barclays increased their price objective on Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Royal Bank Of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Morgan Stanley decreased their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Finally, Citigroup increased their target price on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $368.78.

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.