Principal Financial Group Inc. Raises Stock Position in Eaton Co. plc (NYSE:ETN)

08 Nov 2024, 10:38 by Tristan Rich · The Markets Daily

Principal Financial Group Inc. grew its position in Eaton Co. plc (NYSE:ETN – Free Report) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 457,350 shares of the industrial products company’s stock after buying an additional 17,965 shares during the period. Principal Financial Group Inc.’s holdings in Eaton were worth $151,584,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ETN. Breakwater Investment Management increased its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. purchased a new position in shares of Eaton during the 2nd quarter worth $29,000. LGT Financial Advisors LLC acquired a new stake in shares of Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC purchased a new stake in Eaton in the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Eaton during the second quarter worth about $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling

In other Eaton news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,080 shares of company stock worth $39,375,088 in the last ninety days. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ETN has been the topic of a number of research analyst reports. Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Barclays dropped their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Mizuho increased their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company lifted their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $343.28.

Check Out Our Latest Analysis on Eaton

Eaton Stock Performance

NYSE:ETN opened at $360.58 on Friday. The firm has a market capitalization of $142.50 billion, a PE ratio of 38.36, a price-to-earnings-growth ratio of 2.66 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The business’s fifty day moving average price is $325.92 and its 200 day moving average price is $319.05. Eaton Co. plc has a 12 month low of $215.64 and a 12 month high of $366.08.

Eaton (NYSE:ETN – Get Free Report) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $2.47 EPS. On average, sell-side analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is 40.00%.

About Eaton

(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.