Azimuth Capital Investment Management LLC Purchases 78 Shares of Eaton Corporation, PLC (NYSE:ETN)

Azimuth Capital Investment Management LLC lifted its position in Eaton Corporation, PLC (NYSE:ETN) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,791 shares of the industrial products company’s stock after acquiring an additional 78 shares during the quarter. Azimuth Capital Investment Management LLC’s holdings in Eaton were worth $1,031,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in ETN. Vanguard Group Inc. raised its holdings in Eaton by 0.8% in the first quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company’s stock worth $10,195,725,000 after purchasing an additional 289,819 shares in the last quarter. Nuveen LLC bought a new position in Eaton in the first quarter worth about $1,472,231,000. Nuveen Asset Management LLC raised its holdings in Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after purchasing an additional 192,482 shares in the last quarter. Northern Trust Corp raised its holdings in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after purchasing an additional 368,241 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Eaton by 12.0% in the first quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company’s stock worth $1,083,442,000 after purchasing an additional 427,509 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

Shares of NYSE ETN opened at $350.87 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. The business’s 50 day moving average price is $358.11 and its 200 day moving average price is $318.75. The firm has a market cap of $136.59 billion, a P/E ratio of 35.30, a P/E/G ratio of 2.62 and a beta of 1.18.

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

Eaton Dividend Announcement

The business 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 $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton’s dividend payout ratio is currently 41.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ETN shares. KeyCorp boosted their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. Raymond James Financial set a $415.00 target price on shares of Eaton and gave the stock an “outperform” rating in a report on Thursday, August 7th. BNP Paribas initiated coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target on the stock. Sanford C. Bernstein restated an “outperform” rating and set a $396.00 price target on shares of Eaton in a research note on Monday, July 14th. Finally, JPMorgan Chase & Co. boosted their price target on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $383.63.

Insider Buying and Selling

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of the company’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 value of $5,740,691.02. Following the sale, the insider owned 630 shares in the company, valued at approximately $225,785.70. This represents a 96.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate 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.