Victory Capital Management Takes 3.3% Stake in Eaton Co. plc, Showing Confidence in Resilient Business Strategy and Financials

As of its most recent SEC filing on June 16, 2023, Victory Capital Management Inc. has taken a 3.3% stake in Eaton Co. plc (NYSE:ETN), one of the world’s leading industrial products companies. This follows an addition of 15,908 shares during the fourth quarter which brought their position in the company to a total of 503,239 shares. The institutional investor’s ownership in Eaton now translates to roughly 0.13% of the company’s overall worth, which has been valued by Victory Capital Management at a staggering $78,983,000.

Eaton recently released its quarterly earnings data on May 2nd, reporting earnings per share (EPS) of $1.88 for the quarter and beating consensus estimates by $0.10 per share. During this period, Eaton had recorded a revenue of $5.50 billion – again exceeding analyst expectations which were predicted to be at around $5.23 billion. These figures have shown that Eaton is continuing to perform well despite trying economic conditions across multiple industries.

Moreover, rebounding off this prosperous performance was insider Taras G. Jr Szmagala who sold over 2,000 shares of ETN stock in early June for an average price of $183.93 per share with a total transaction amounting to just shy of $367k. Following his sale Szmagala retains some investment into Eaton with over 7,300 shares still within his direct possession valued up to approximately $1.34 million.

For those who may not know much about it already; Eaton is recognized internationally as a prime innovator and leader when it comes to powering everything from small appliances and sensitive electronic devices all the way through to large-scale machinery and infrastructure applications including data centers.
This American power management corporation also has various further business units under its belt such as producing electrical distribution equipment and mechanical power transmission systems whilst also supplying the automotive industry with a range of high functioning transmission components, fuel savings and efficient powertrain systems.

As we continue to see strong belief from institutional investors and insiders alike shown in Eaton’s resilient business strategy and financials, this latest update is paving the way for a successful future both domestically and internationally that only strengthens investor confidence in this stalwart company.

Institutional Investors and Insider Trading: Analyzing Eaton Co.’s Recent Developments

Eaton Co. plc, an industrial products company with a market cap of $78.48 billion, has seen a number of institutional investors recently add to or reduce their stakes in the company. Horan Securities Inc., for example, grew its stake by 228.6% in Q4 2022 and now owns 161 shares of Eaton stock valued at $25,000 after acquiring an additional 112 shares during the period. Other newcomers to the stock include RFP Financial Group LLC, Hollencrest Capital Management, Coppell Advisory Solutions Corp., and WFA of San Diego LLC.

Shares of ETN opened at $196.89 on Friday, with a P/E ratio of 30.72 and a price-to-earnings-growth ratio of 2.08. The firm’s beta is currently at 1.12 while its 50-day moving average is around $172.75 and its 200-day moving average is approximately $167.16.

Despite this newfound attention from investors, Eaton Co.’s stock has remained relatively strong over the past year with a low of $122.50 and high of $197.49 recorded over that time frame.

In other news regarding the company’s inner workings, insider Taras G Jr Szmagala recently sold 2,000 shares in Eaton at an average price of $183.93 each for a total transaction cost of $367,860. The sale was disclosed via SEC filings on June 5th and follows previous SEC filings which showed that insiders own just over half a percent (0.53%) of Eaton’s outstanding shares.

Finally, by announcing a quarterly dividend payment on May 26th to shareholders as per record on May 8th worth $0.86 per share (yielding an annualized rate of return equal to ~1.75%), Eaton has further cemented its status as one that provides value to shareholders in more ways than one.

Analysts have recently weighed in on Eaton’s future prospects, with Bank of America raising its price target on ETN shares from $180.00 to $200.00 and Evercore ISI lifting its target price from $201.00 to $221.00. While one equities research analyst has rated the stock as a Sell, seven others have issued Buy ratings, indicating that the company is expected to continue performing well over time.