Lockheed Martin Investment Management Co. bought a new position in Eaton Corporation, PLC (NYSE:ETN – Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The firm bought 12,600 shares of the industrial products company’s stock, valued at approximately $3,425,000.
A number of other large investors also recently bought and sold shares of ETN. IMA Advisory Services Inc. purchased a new position in Eaton during the 1st quarter valued at about $25,000. Capital A Wealth Management LLC purchased a new position in Eaton during the 4th quarter valued at about $26,000. Creative Financial Designs Inc. ADV lifted its position in Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 51 shares during the period. Vermillion Wealth Management Inc. purchased a new position in Eaton during the 4th quarter valued at about $33,000. Finally, Abound Wealth Management lifted its position in Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 62 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Eaton
In other news, insider Craig Arnold sold 103,486 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company’s stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.
Eaton Stock Performance
Eaton (NYSE:ETN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.03. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.73 earnings per share. On average, research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.
Eaton Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton’s payout ratio is 41.85%.
Analysts Set New Price Targets
A number of research analysts recently issued reports on ETN shares. Wells Fargo & Company lifted their price target on shares of Eaton from $310.00 to $360.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. lifted their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Royal Bank Of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Barclays lifted their target price on shares of Eaton from $340.00 to $344.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, The Goldman Sachs Group lifted their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $383.63.
Read Our Latest Analysis on Eaton
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.
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