Interval Partners LP Grows Stock Position in Eaton Co. plc (NYSE:ETN)

Interval Partners LP boosted its stake in shares of Eaton Co. plc (NYSE:ETN) by 82.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 151,716 shares of the industrial products company’s stock after acquiring an additional 68,693 shares during the period. Eaton accounts for approximately 1.0% of Interval Partners LP’s portfolio, making the stock its 17th biggest position. Interval Partners LP’s holdings in Eaton were worth $47,571,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. LifeSteps Financial Inc. acquired a new stake in Eaton in the first quarter valued at approximately $25,000. Breakwater Investment Management increased its position in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the last quarter. Atwood & Palmer Inc. raised its holdings in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares in the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the 2nd quarter worth $29,000. Finally, LGT Financial Advisors LLC acquired a new position in shares of Eaton during the second quarter worth $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of analyst reports. Citigroup initiated coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Wells Fargo & Company cut their price target on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Royal Bank of Canada cut their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $337.41.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related 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 transaction of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 in the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Eaton Trading Up 0.5 %

Shares of Eaton stock opened at $330.60 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The firm has a market cap of $132.17 billion, a price-to-earnings ratio of 39.03, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company’s 50-day simple moving average is $299.93 and its 200-day simple moving average is $312.71.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Eaton 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.