Eaton Corporation, PLC (NYSE:ETN) is Clean Energy Transition LLP’s 8th Largest Position

Clean Energy Transition LLP boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 37.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 155,169 shares of the industrial products company’s stock after buying an additional 42,508 shares during the quarter. Eaton makes up about 5.2% of Clean Energy Transition LLP’s holdings, making the stock its 8th biggest holding. Clean Energy Transition LLP’s holdings in Eaton were worth $42,180,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SouthState Corp increased its position in shares of Eaton by 8.2% during the 1st quarter. SouthState Corp now owns 2,391 shares of the industrial products company’s stock worth $650,000 after purchasing an additional 182 shares during the last quarter. Lockheed Martin Investment Management Co. acquired a new stake in shares of Eaton during the first quarter valued at about $3,425,000. Nuveen LLC purchased a new stake in shares of Eaton in the 1st quarter valued at approximately $1,472,231,000. Advent Capital Management DE acquired a new position in shares of Eaton in the 1st quarter worth approximately $2,718,000. Finally, Cooper Financial Group boosted its position in shares of Eaton by 31.2% during the 1st quarter. Cooper Financial Group now owns 5,984 shares of the industrial products company’s stock worth $1,627,000 after purchasing an additional 1,422 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Evercore ISI upped their price target on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research note on Monday, May 19th. KeyCorp raised their target price on Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Barclays boosted their price target on shares of Eaton from $340.00 to $344.00 and gave the stock an “equal weight” rating in a research note on Wednesday. BNP Paribas Exane assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Finally, Royal Bank Of Canada upped their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $383.63.

Eaton Stock Performance

Shares of ETN opened at $363.07 on Friday. The stock has a 50 day moving average price of $354.99 and a 200 day moving average price of $318.01. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $399.56. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $141.34 billion, a price-to-earnings ratio of 36.53, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the company earned $2.73 earnings per share. Eaton’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company 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 dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.1%. Eaton’s payout ratio is 41.85%.

Insider Buying and Selling

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider directly owned 490,208 shares of the company’s stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.