Private Advisor Group LLC Buys 5,079 Shares of Eaton Co. plc (NYSE:ETN)

Private Advisor Group LLC lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 20.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,904 shares of the industrial products company’s stock after purchasing an additional 5,079 shares during the period. Private Advisor Group LLC’s holdings in Eaton were worth $7,202,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ETN. Ritholtz Wealth Management raised its stake in Eaton by 5.1% in the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after acquiring an additional 277 shares during the period. Pacer Advisors Inc. grew its holdings in Eaton by 30.5% during the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after buying an additional 7,964 shares in the last quarter. Chicago Capital LLC purchased a new position in Eaton during the 4th quarter valued at about $2,958,000. Neo Ivy Capital Management purchased a new position in Eaton during the 3rd quarter valued at about $479,000. Finally, Adell Harriman & Carpenter Inc. grew its holdings in Eaton by 10.8% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 43,984 shares of the industrial products company’s stock valued at $10,592,000 after buying an additional 4,287 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

ETN traded up $4.38 during midday trading on Wednesday, hitting $331.81. The stock had a trading volume of 185,661 shares, compared to its average volume of 2,004,308. The company has a market cap of $132.66 billion, a P/E ratio of 38.64, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The business has a fifty day moving average of $310.41 and a 200 day moving average of $264.55. 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 1 year low of $165.24 and a 1 year high of $333.05.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter in the previous year, the company posted $1.88 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. As a group, equities analysts forecast that Eaton Co. plc will post 10.45 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be given a $0.94 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.13%. Eaton’s payout ratio is currently 44.39%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ETN. The Goldman Sachs Group lifted their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Mizuho reissued a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Argus boosted 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, Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,219 shares of company stock worth $5,509,667. 0.33% of the stock is currently owned by 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.