Magnolia Capital Advisors LLC Purchases Shares of 50,917 Eaton Co. plc (NYSE:ETN)

Magnolia Capital Advisors LLC acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 50,917 shares of the industrial products company’s stock, valued at approximately $15,965,000.

Other hedge funds also recently modified their holdings of the company. Gryphon Financial Partners LLC grew its stake in Eaton by 81.3% in the fourth quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock valued at $565,000 after purchasing an additional 1,053 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new position in Eaton during the fourth quarter worth $554,000. J. W. Coons Advisors LLC raised its position in Eaton by 2.1% during the fourth quarter. J. W. Coons Advisors LLC now owns 12,979 shares of the industrial products company’s stock worth $3,126,000 after acquiring an additional 265 shares in the last quarter. Scotia Capital Inc. lifted its stake in Eaton by 206.1% in the fourth quarter. Scotia Capital Inc. now owns 24,381 shares of the industrial products company’s stock valued at $5,871,000 after acquiring an additional 16,417 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in shares of Eaton by 70.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 4,944 shares of the industrial products company’s stock valued at $1,191,000 after acquiring an additional 2,048 shares during the period. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ETN shares. Royal Bank of Canada cut their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company reduced their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Evercore ISI dropped their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Raymond James cut their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Finally, Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have issued 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 $337.41.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 value of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Down 1.4 %

Shares of ETN opened at $328.45 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The firm’s 50 day moving average is $301.03 and its 200-day moving average is $313.73. The stock has a market capitalization of $131.31 billion, a PE ratio of 38.78, a P/E/G ratio of 2.53 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Equities research analysts forecast that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.14%. Eaton’s dividend payout ratio is 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.