Advent Capital Management DE Buys Shares of 10,000 Eaton Corporation, PLC (NYSE:ETN)

Advent Capital Management DE bought a new stake in shares of Eaton Corporation, PLC (NYSE:ETN) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 10,000 shares of the industrial products company’s stock, valued at approximately $2,718,000.

Other large investors have also recently bought and sold shares of the company. IMA Advisory Services Inc. purchased a new position in shares of Eaton during the 1st quarter worth $25,000. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the 4th quarter worth $26,000. Creative Financial Designs Inc. ADV lifted its stake in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 51 shares during the period. Vermillion Wealth Management Inc. purchased a new position in shares of Eaton during the 4th quarter worth $33,000. Finally, Abound Wealth Management lifted its stake in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 62 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Up 0.8%

Shares of ETN opened at $363.07 on Friday. The company has a 50-day simple moving average of $354.99 and a 200-day simple moving average of $318.01. The firm has a market capitalization of $141.34 billion, a P/E ratio of 36.53, a P/E/G ratio of 2.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.24. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.03. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.73 earnings per share. On average, equities research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. Eaton’s payout ratio is presently 41.85%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of recent analyst reports. BNP Paribas initiated coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target on the stock. KeyCorp increased their price target on Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Wells Fargo & Company increased their target price on Eaton from $310.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 1st. Citigroup increased their target price on Eaton from $420.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays increased their target price on Eaton from $340.00 to $344.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $383.63.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider directly owned 490,208 shares of the company’s stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

About Eaton

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.