International Assets Investment Management LLC Trims Holdings in Eaton Co. plc (NYSE:ETN)

Posted by Defense World Staff on Jul 4th, 2023

International Assets Investment Management LLC trimmed its position in Eaton Co. plc (NYSE:ETN – Free Report) by 66.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,451 shares of the industrial products company’s stock after selling 2,890 shares during the quarter. International Assets Investment Management LLC’s holdings in Eaton were worth $249,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Eaton by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 35,545,867 shares of the industrial products company’s stock valued at $4,740,397,000 after buying an additional 398,146 shares in the last quarter. Morgan Stanley grew its holdings in Eaton by 26.2% during the 4th quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock valued at $1,968,521,000 after buying an additional 2,602,246 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Eaton by 12.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,806,502 shares of the industrial products company’s stock valued at $1,225,230,000 after buying an additional 890,150 shares in the last quarter. Geode Capital Management LLC grew its holdings in Eaton by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 6,948,214 shares of the industrial products company’s stock valued at $1,088,214,000 after buying an additional 132,770 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Eaton by 5.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,369,719 shares of the industrial products company’s stock valued at $849,465,000 after buying an additional 302,429 shares in the last quarter. 81.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In other Eaton news, insider Michael Yelton sold 2,000 shares of Eaton stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $197.11, for a total value of $394,220.00. Following the transaction, the insider now owns 2,096 shares in the company, valued at $413,142.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Eaton Stock Down 0.2 %

NYSE:ETN opened at $200.63 on Tuesday. Eaton Co. plc has a twelve month low of $122.50 and a twelve month high of $202.35. The company has a market cap of $79.97 billion, a price-to-earnings ratio of 31.30, a price-to-earnings-growth ratio of 2.16 and a beta of 1.13. The stock has a fifty day simple moving average of $181.02 and a 200-day simple moving average of $170.24. The company has a current ratio of 1.50, a quick ratio of 0.91 and a debt-to-equity ratio of 0.50.

Eaton (NYSE:ETN – Free Report) last released its quarterly earnings data on Tuesday, May 2nd. The industrial products company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.10. The firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.23 billion. Eaton had a return on equity of 18.70% and a net margin of 12.00%. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 earnings per share. Analysts anticipate that Eaton Co. plc will post 8.47 EPS for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 26th. Shareholders of record on Monday, May 8th were paid a $0.86 dividend. The ex-dividend date of this dividend was Friday, May 5th. This represents a $3.44 annualized dividend and a yield of 1.71%. Eaton’s dividend payout ratio (DPR) is presently 53.67%.

Analysts Set New Price Targets

ETN has been the subject of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Eaton from $180.00 to $170.00 and set an “equal weight” rating for the company in a report on Thursday, April 13th. Mizuho raised their target price on shares of Eaton from $180.00 to $210.00 in a report on Friday, June 16th. Bank of America raised their target price on shares of Eaton from $180.00 to $200.00 in a report on Wednesday, March 8th. JPMorgan Chase & Co. initiated coverage on shares of Eaton in a report on Tuesday, June 6th. They issued a “neutral” rating and a $178.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Eaton from $188.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, April 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $183.54.

Eaton 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.