Northern Trust Corp Lowers Stake in Eaton Corporation, PLC $ETN

Northern Trust Corp decreased its holdings in Eaton Corporation, PLC (NYSE:ETN) by 0.6% in the first quarter, HoldingsChannel.com reports. The fund owned 4,545,207 shares of the industrial products company’s stock after selling 29,497 shares during the quarter. Northern Trust Corp’s holdings in Eaton were worth $1,235,524,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company’s stock valued at $3,593,000 after buying an additional 96 shares during the last quarter. Bearing Point Capital LLC bought a new position in shares of Eaton in the 4th quarter valued at about $2,713,000. Brighton Jones LLC grew its position in Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock worth $953,000 after acquiring an additional 164 shares in the last quarter. Kennebec Savings Bank lifted its stake in shares of Eaton by 5.4% in the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock valued at $738,000 after purchasing an additional 139 shares during the last quarter. Finally, American National Bank & Trust increased its position in shares of Eaton by 5.4% during the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock valued at $855,000 after purchasing an additional 162 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

Shares of ETN opened at $350.87 on Monday. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The firm has a market capitalization 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 has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The firm’s fifty day simple moving average is $358.11 and its 200-day simple moving average is $318.70.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the firm posted $2.73 earnings per share. Eaton’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed 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 is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.2%. Eaton’s dividend payout ratio is presently 41.85%.

Analyst Upgrades and Downgrades

ETN has been the topic of several recent analyst reports. Barclays increased their target price on shares of Eaton from $340.00 to $344.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Evercore ISI lifted their price target on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Raymond James Financial boosted their price objective on Eaton from $380.00 to $415.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Finally, KeyCorp increased their target price on Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $383.63.

Insider Buying and Selling

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the transaction, the insider owned 630 shares in the company, valued at approximately $225,785.70. The trade was a 96.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.