Azimuth Capital Investment Management LLC Raises Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Azimuth Capital Investment Management LLC raised its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,791 shares of the industrial products company’s stock after purchasing an additional 78 shares during the quarter. Azimuth Capital Investment Management LLC’s holdings in Eaton were worth $1,031,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Commonwealth Financial Services LLC increased its position in Eaton by 2.9% during the 1st quarter. Commonwealth Financial Services LLC now owns 1,175 shares of the industrial products company’s stock valued at $319,000 after purchasing an additional 33 shares during the period. E Fund Management Co. Ltd. increased its position in Eaton by 3.1% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,091 shares of the industrial products company’s stock valued at $297,000 after purchasing an additional 33 shares during the period. Checchi Capital Advisers LLC increased its position in Eaton by 0.7% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company’s stock valued at $1,378,000 after purchasing an additional 37 shares during the period. Lantern Wealth Advisors LLC increased its position in Eaton by 1.0% during the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock valued at $1,340,000 after purchasing an additional 38 shares during the period. Finally, AGH Wealth Advisors LLC increased its position in Eaton by 2.6% during the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company’s stock valued at $412,000 after purchasing an additional 38 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Eaton Stock Performance

Shares of ETN stock opened at $350.87 on Friday. The company’s 50-day moving average is $358.11 and its 200 day moving average is $318.75. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. The company has a market capitalization of $136.59 billion, a price-to-earnings ratio of 35.30, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.03. The firm 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 business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.73 EPS. Sell-side analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton’s dividend payout ratio (DPR) is presently 41.85%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Eaton from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. The Goldman Sachs Group boosted their target price on shares of Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Wall Street Zen cut shares of Eaton from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Evercore ISI boosted their target price on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $383.63.

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.