Everett Harris & Co. CA Takes Position in Eaton Co. plc (NYSE:ETN)

Everett Harris & Co. CA bought a new position in Eaton Co. plc (NYSE:ETN) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 940 shares of the industrial products company’s stock, valued at approximately $294,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton during the 4th quarter worth $25,000. Atwood & Palmer Inc. increased its stake in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC purchased a new position in shares of Eaton in the 4th quarter worth about $29,000. Redmont Wealth Advisors LLC acquired a new position in shares of Eaton in the 1st quarter valued at about $33,000. Finally, Valued Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth approximately $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ETN. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $286.00 to $371.00 in a report on Friday, April 5th. Argus raised their price objective on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Bank of America upped their target price on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Raymond James assumed coverage on Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.06.

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 2,416 shares of Eaton 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 directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is owned by insiders.

Eaton Price Performance

Shares of ETN stock opened at $319.95 on Friday. The firm has a fifty day moving average of $325.46 and a two-hundred day moving average of $294.51. The firm has a market cap of $127.92 billion, a P/E ratio of 37.59, a P/E/G ratio of 2.68 and a beta of 1.02. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton (NYSE:ETN) last posted its quarterly earnings results 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. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period last year, the firm earned $1.88 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, research analysts anticipate that Eaton Co. plc will post 10.55 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio is presently 44.39%.

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.