Pacer Advisors Inc. Sells 11,160 Shares of Eaton Corporation, PLC (NYSE:ETN)

Pacer Advisors Inc. trimmed its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 35.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,462 shares of the industrial products company’s stock after selling 11,160 shares during the quarter. Pacer Advisors Inc.’s holdings in Eaton were worth $5,562,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. IMA Advisory Services Inc. purchased a new position in shares of Eaton in the 1st quarter worth about $25,000. Capital A Wealth Management LLC purchased a new position in Eaton in the fourth quarter valued at about $26,000. Creative Financial Designs Inc. ADV increased its stake in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 51 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in shares of Eaton in the 4th quarter worth approximately $33,000. Finally, Abound Wealth Management lifted its stake in Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 62 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 103,486 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider owned 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on ETN. KeyCorp boosted their target price on Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. The Goldman Sachs Group upped their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. Evercore ISI upped their price target on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. Finally, Barclays lifted their price objective on shares of Eaton from $323.00 to $340.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $377.89.

Eaton Stock Performance

NYSE:ETN opened at $392.29 on Monday. The stock has a market cap of $153.50 billion, a P/E ratio of 39.59, a PEG ratio of 2.96 and a beta of 1.17. 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 business’s 50-day moving average price is $344.57 and its two-hundred day moving average price is $315.82. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $393.07.

Eaton (NYSE:ETN) last announced its earnings results 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 net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the firm posted $2.40 earnings per share. Eaton’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

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 dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Thursday, August 7th. Eaton’s dividend payout ratio is currently 41.98%.

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.