Eaton Corporation, PLC (NYSE:ETN) Shares Bought by Cornerstone Advisors LLC

by · The Markets Daily

Cornerstone Advisors LLC grew its position in Eaton Corporation, PLC (NYSE:ETN – Free Report) by 44.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 26,500 shares of the industrial products company’s stock after acquiring an additional 8,200 shares during the quarter. Cornerstone Advisors LLC’s holdings in Eaton were worth $7,203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC lifted its stake in shares of Eaton by 1.4% during the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock worth $1,109,000 after purchasing an additional 45 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in Eaton by 17.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock worth $303,000 after buying an additional 136 shares during the period. Bank Pictet & Cie Europe AG purchased a new stake in shares of Eaton during the fourth 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 position in shares of Eaton by 0.9% in the 4th quarter. Cerity Partners LLC now owns 111,262 shares of the industrial products company’s stock valued at $36,912,000 after purchasing an additional 943 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction 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 in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on ETN shares. Citigroup lifted their price target on shares of Eaton from $351.00 to $420.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Wall Street Zen cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Saturday. Morgan Stanley decreased their price target on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Evercore ISI upped their price objective on Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. Finally, Royal Bank Of Canada lifted 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. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $377.89.

Check Out Our Latest Stock Analysis on ETN

Eaton Stock Down 7.1%

Shares of ETN stock opened at $357.43 on Wednesday. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year 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 business’s fifty day moving average is $352.77 and its 200-day moving average is $317.96. The stock has a market cap of $139.86 billion, a PE ratio of 36.07, a price-to-earnings-growth ratio of 2.90 and a beta of 1.18.

Eaton (NYSE:ETN – Get Free Report) last released its earnings results 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. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the previous year, the company earned $2.73 earnings per share. Eaton’s revenue was up 10.7% compared to the same quarter last year. Equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.2%. Eaton’s payout ratio is 41.98%.

About Eaton

(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

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Corporation, PLC (NYSE:ETN – Free Report).