Griffin Asset Management Inc. Takes $813,000 Position in Eaton Co. plc (NYSE:ETN)

Griffin Asset Management Inc. acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 2,600 shares of the industrial products company’s stock, valued at approximately $813,000.

A number of other institutional investors have also recently bought and sold shares of ETN. Atwood & Palmer Inc. lifted its holdings in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in Eaton in the fourth quarter valued at approximately $25,000. Clear Investment Research LLC bought a new stake in Eaton in the fourth quarter worth approximately $29,000. Valued Wealth Advisors LLC acquired a new position in shares of Eaton during the 4th quarter worth $35,000. Finally, Chilton Capital Management LLC bought a new position in shares of Eaton during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Down 0.1 %

Shares of ETN opened at $313.55 on Friday. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The firm has a market capitalization of $125.36 billion, a P/E ratio of 37.02, a P/E/G ratio of 2.62 and a beta of 1.04. The company has a 50-day simple moving average of $325.35 and a 200-day simple moving average of $292.72. 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 (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The company had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $1.88 EPS. On average, equities research analysts expect that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio is 44.39%.

Insider Transactions at Eaton

In related news, insider Peter Denk sold 2,416 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ETN has been the topic of several analyst reports. Wolfe Research reissued an “underperform” rating and set a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. Raymond James began coverage on Eaton in a research note on Friday. They issued an “outperform” rating and a $375.00 price objective on the stock. Mizuho reaffirmed a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Bank of America lifted their price target on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Berenberg Bank boosted their price objective on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $318.06.

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.