Goldman Sachs Group Inc. Boosts Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Goldman Sachs Group Inc. increased its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 12.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,985,735 shares of the industrial products company’s stock after buying an additional 427,509 shares during the period. Goldman Sachs Group Inc.’s holdings in Eaton were worth $1,083,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its position in shares of Eaton by 1.4% in the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock valued at $1,109,000 after purchasing an additional 45 shares during the period. Revolve Wealth Partners LLC lifted its stake in Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock valued at $303,000 after buying an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG acquired a new stake in Eaton in the 4th quarter worth about $42,839,000. Dynamic Technology Lab Private Ltd purchased a new stake in Eaton during the 4th quarter worth approximately $233,000. Finally, Cerity Partners LLC raised its holdings in shares of Eaton by 0.9% during the fourth quarter. Cerity Partners LLC now owns 111,262 shares of the industrial products company’s stock valued at $36,912,000 after acquiring an additional 943 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several research reports. KeyCorp boosted their price target on Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. BNP Paribas assumed coverage on shares of Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Royal Bank Of Canada increased their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a report on Monday, May 5th. Finally, Morgan Stanley lowered their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $377.89.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm’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 completion of the transaction, the insider owned 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.30% of the company’s stock.

Eaton Stock Performance

NYSE:ETN opened at $357.43 on Wednesday. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The company has a 50 day moving average price of $352.77 and a 200 day moving average price of $317.96. The stock has a market capitalization of $139.86 billion, a P/E ratio of 36.07, a PEG ratio of 2.90 and a beta of 1.18.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the firm posted $2.73 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. Equities research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. Eaton’s payout ratio 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.