Eaton Corporation, PLC (NYSE:ETN) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Eaton Corporation, PLC (NYSE:ETN) by 14.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 464,326 shares of the industrial products company’s stock after acquiring an additional 58,009 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Eaton were worth $126,218,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Bedel Financial Consulting Inc. grew its stake in shares of Eaton by 5.2% in the 1st quarter. Bedel Financial Consulting Inc. now owns 1,547 shares of the industrial products company’s stock worth $461,000 after purchasing an additional 77 shares during the last quarter. Intellus Advisors LLC acquired a new position in shares of Eaton in the 1st quarter worth approximately $229,000. Bearing Point Capital LLC boosted its holdings in shares of Eaton by 12.8% in the first quarter. Bearing Point Capital LLC now owns 9,226 shares of the industrial products company’s stock worth $2,508,000 after buying an additional 1,050 shares during the period. Integrated Investment Consultants LLC acquired a new position in shares of Eaton in the first quarter worth about $693,000. Finally, HB Wealth Management LLC boosted its holdings in shares of Eaton by 30.0% in the first quarter. HB Wealth Management LLC now owns 21,486 shares of the industrial products company’s stock worth $5,841,000 after buying an additional 4,962 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ETN shares. BNP Paribas Exane started coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. The Goldman Sachs Group raised their target price on Eaton from $345.00 to $382.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. 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. KeyCorp raised their target price on Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $377.89.

Eaton Trading Up 1.9%

NYSE:ETN opened at $392.29 on Friday. The stock’s 50 day moving average price is $344.57 and its 200 day moving average price is $316.02. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $393.07. The company has a market capitalization of $153.50 billion, a P/E ratio of 39.59, a P/E/G ratio of 2.96 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping 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 firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. The firm’s revenue 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.06%. Eaton’s payout ratio is currently 41.98%.

Insider Buying and Selling

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company’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 transaction of $33,400,106.50. Following the completion of the sale, the insider owned 490,208 shares of the company’s stock, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company’s 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 directly owned 3,382 shares of the company’s stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Eaton 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.