SouthState Corp Grows Position in Eaton Corporation, PLC (NYSE:ETN)

SouthState Corp increased its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 8.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,391 shares of the industrial products company’s stock after purchasing an additional 182 shares during the period. SouthState Corp’s holdings in Eaton were worth $650,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ETN shares. Wells Fargo & Company lifted their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Citigroup lifted their price objective on shares of Eaton from $420.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Wall Street Zen lowered shares of Eaton from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. BNP Paribas initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target for the company. Finally, Morgan Stanley upped their price target on shares of Eaton from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $383.63.

Eaton Stock Down 0.7%

NYSE:ETN opened at $360.19 on Tuesday. The company has a market cap of $140.22 billion, a PE ratio of 36.24, a P/E/G ratio of 2.68 and a beta of 1.18. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The company’s 50 day moving average is $355.81 and its two-hundred day moving average is $317.59.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.03. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. Eaton’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.73 EPS. Analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm 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 $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton’s dividend payout ratio is 41.85%.

Insider Activity at Eaton

In other news, insider Olivier Leonetti sold 16,018 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total value of $5,740,691.02. Following the sale, the insider directly owned 630 shares of the company’s stock, valued at $225,785.70. This represents a 96.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by company insiders.

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.