Artemis Investment Management LLP Acquires New Shares in Eaton Corporation, PLC (NYSE:ETN)

Artemis Investment Management LLP bought a new position in shares of Eaton Corporation, PLC (NYSE:ETN) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 263,863 shares of the industrial products company’s stock, valued at approximately $71,726,000. Eaton makes up 1.1% of Artemis Investment Management LLP’s portfolio, making the stock its 26th largest position.

A number of other large investors have also recently made changes to their positions in ETN. Norden Group LLC grew its holdings in Eaton by 3.4% during the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company’s stock valued at $325,000 after buying an additional 32 shares in the last quarter. Nwam LLC lifted its stake in Eaton by 0.6% in the 4th quarter. Nwam LLC now owns 5,314 shares of the industrial products company’s stock worth $1,764,000 after purchasing an additional 34 shares in the last quarter. Founders Financial Alliance LLC grew its position in shares of Eaton by 0.7% during the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company’s stock valued at $1,797,000 after purchasing an additional 35 shares in the last quarter. Sound View Wealth Advisors Group LLC increased its holdings in shares of Eaton by 1.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company’s stock worth $1,190,000 after purchasing an additional 38 shares during the period. Finally, Lantern Wealth Advisors LLC raised its position in shares of Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock worth $1,340,000 after buying an additional 38 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent analyst reports. Citigroup boosted 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. Morgan Stanley cut their price objective on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $355.00 target price on shares of Eaton in a research note on Monday, May 5th. Barclays boosted their price target on shares of Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research note on Monday, June 9th. Finally, BNP Paribas Exane assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $368.78.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred on Tuesday, May 6th. The stock was 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 approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares of the company’s stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company’s stock.

Eaton Price Performance

Shares of Eaton stock opened at $348.78 on Friday. The stock has a market capitalization of $136.48 billion, a P/E ratio of 35.20, a price-to-earnings-growth ratio of 2.65 and a beta of 1.16. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The business’s 50 day simple moving average is $316.32 and its two-hundred day simple moving average is $312.86.

Eaton (NYSE:ETN) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.40 earnings per share. Analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed 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. This represents a $4.16 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is 41.98%.

Eaton Company 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.