Korea Investment CORP Buys 69,947 Shares of Eaton Corporation, PLC $ETN

by · The Markets Daily

Korea Investment CORP grew its stake in Eaton Corporation, PLC (NYSE:ETN – Free Report) by 23.1% in the 1st quarter, Holdings Channel reports. The firm owned 372,668 shares of the industrial products company’s stock after purchasing an additional 69,947 shares during the period. Korea Investment CORP’s holdings in Eaton were worth $101,302,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ETN. Nuveen LLC bought a new position in Eaton in the 1st quarter worth $1,472,231,000. GAMMA Investing LLC increased its stake in shares of Eaton by 27,281.9% in the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock worth $976,772,000 after acquiring an additional 3,580,198 shares in the last quarter. Fayez Sarofim & Co increased its stake in shares of Eaton by 606.3% in the 1st quarter. Fayez Sarofim & Co now owns 1,025,903 shares of the industrial products company’s stock worth $282,262,000 after acquiring an additional 880,656 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new position in shares of Eaton in the 4th quarter worth about $231,552,000. Finally, Janus Henderson Group PLC increased its stake in shares of Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock worth $998,144,000 after acquiring an additional 588,370 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

ETN opened at $350.87 on Monday. 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 has a market cap of $136.59 billion, a price-to-earnings ratio of 35.30, a PEG ratio of 2.59 and a beta of 1.18. The company’s 50 day moving average is $358.11 and its 200 day moving average is $318.70. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56.

Eaton (NYSE:ETN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.73 earnings per share. On average, equities research analysts predict 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. Investors of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. Eaton’s dividend payout ratio (DPR) is presently 41.85%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Wells Fargo & Company increased their price target on shares of Eaton from $310.00 to $360.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 1st. Sanford C. Bernstein reiterated an “outperform” rating and issued a $396.00 price target on shares of Eaton in a research note on Monday, July 14th. BNP Paribas Exane initiated 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. Finally, Morgan Stanley increased their price objective on shares of Eaton from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, August 6th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $383.63.

Check Out Our Latest Report on ETN

Insider Activity

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 630 shares in the company, valued at $225,785.70. This represents a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Eaton Company Profile

(Free Report)

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.

See Also

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