Commerzbank Aktiengesellschaft FI Raises Holdings in Eaton Corporation, PLC (NYSE:ETN)

Commerzbank Aktiengesellschaft FI boosted its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 28.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,321 shares of the industrial products company’s stock after acquiring an additional 1,179 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Eaton were worth $1,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of ETN. Norges Bank bought a new position in Eaton during the 4th quarter valued at approximately $1,495,582,000. GAMMA Investing LLC raised its position in Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock valued at $976,772,000 after purchasing an additional 3,580,198 shares during the last quarter. Capital International Investors bought a new position in shares of Eaton in the 4th quarter worth approximately $523,541,000. Leigh Baldwin & CO. LLC bought a new position in shares of Eaton in the 4th quarter worth approximately $231,552,000. Finally, Janus Henderson Group PLC raised its position 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 hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 103,486 shares of Eaton 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 transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of the business’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 transaction of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on ETN. BNP Paribas began coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. KeyCorp raised their price objective on Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective for the company. The Goldman Sachs Group increased their target price on Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Finally, Citigroup increased their target price on Eaton from $351.00 to $420.00 and gave the company a “buy” rating in a research note on Monday. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $377.89.

Eaton Stock Up 4.8%

ETN stock opened at $380.49 on Friday. The company’s 50 day simple moving average is $337.91 and its 200-day simple moving average is $314.48. The firm has a market capitalization of $148.88 billion, a PE ratio of 38.39, a P/E/G ratio of 2.74 and a beta of 1.17. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $387.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter last year, the firm posted $2.40 earnings per share. Eaton’s revenue was up 7.3% on a year-over-year basis. Equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.09%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

About Eaton

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.