Austin Private Wealth LLC Increases Position in Eaton Co. plc (NYSE:ETN)

Austin Private Wealth LLC grew its holdings in shares of Eaton Co. plc (NYSE:ETN) by 46.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,252 shares of the industrial products company’s stock after purchasing an additional 400 shares during the period. Austin Private Wealth LLC’s holdings in Eaton were worth $402,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares during the last quarter. Norges Bank bought a new stake in shares of Eaton in the 4th quarter worth $1,087,983,000. Coatue Management LLC raised its stake in shares of Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Eaton by 3.8% during the fourth quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock valued at $900,600,000 after purchasing an additional 138,465 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Eaton by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock valued at $520,998,000 after buying an additional 27,386 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ETN has been the topic of several research analyst reports. Mizuho restated a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. The Goldman Sachs Group raised their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. increased their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Argus lifted their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Berenberg Bank increased their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton Price Performance

ETN traded up $0.78 during trading on Tuesday, reaching $322.86. 128,386 shares of the company traded hands, compared to its average volume of 2,009,455. The company has a market cap of $129.08 billion, a P/E ratio of 38.03, a PEG ratio of 2.68 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The firm has a fifty day simple moving average of $324.80 and a 200 day simple moving average of $290.83.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the previous year, the company earned $1.88 EPS. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.16%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Peter Denk sold 2,416 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is currently owned by company insiders.

Eaton Company 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.