InTrack Investment Management Inc boosted its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 52.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,717 shares of the industrial products company's stock after buying an additional 2,305 shares during the quarter. Eaton makes up about 1.6% of InTrack Investment Management Inc's holdings, making the stock its 15th biggest position. InTrack Investment Management Inc's holdings in Eaton were worth $2,285,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of ETN. B. Riley Wealth Advisors Inc. boosted its stake in shares of Eaton by 48.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company's stock valued at $13,533,000 after acquiring an additional 13,497 shares during the last quarter. Interval Partners LP grew its holdings in shares of Eaton by 82.7% during the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company's stock worth $47,571,000 after buying an additional 68,693 shares in the last quarter. Scientech Research LLC lifted its stake in shares of Eaton by 285.5% during the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company's stock valued at $1,801,000 after buying an additional 4,254 shares during the period. Eastover Investment Advisors LLC purchased a new stake in Eaton in the 4th quarter worth approximately $6,167,000. Finally, Neville Rodie & Shaw Inc. raised its holdings in Eaton by 6.8% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 38,386 shares of the industrial products company's stock valued at $12,739,000 after acquiring an additional 2,428 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.
Eaton Stock Performance
NYSE ETN traded up $1.35 on Friday, hitting $346.54. The stock had a trading volume of 2,454,294 shares, compared to its average volume of 1,724,943. The company's 50-day moving average is $354.32 and its two-hundred day moving average is $329.89. The stock has a market cap of $136.95 billion, a price-to-earnings ratio of 36.87, a P/E/G ratio of 2.27 and a beta of 1.06. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a one year low of $236.20 and a one year high of $379.99.
Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the business earned $2.47 EPS. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. On average, analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.
Eaton Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.09%. Eaton's dividend payout ratio (DPR) is 40.00%.
Insider Activity
In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company's stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock worth $27,660,117 over the last three months. Corporate insiders own 0.33% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on ETN. UBS Group initiated coverage on Eaton in a research report on Wednesday, November 13th. They issued a "buy" rating and a $431.00 price objective for the company. Barclays upped their price objective on shares of Eaton from $320.00 to $353.00 and gave the company an "equal weight" rating in a research note on Thursday, December 5th. Evercore ISI cut shares of Eaton from an "outperform" rating to an "inline" rating and raised their target price for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Mizuho upped their price target on shares of Eaton from $365.00 to $385.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company decreased their price target on shares of Eaton from $365.00 to $350.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $368.89.
Get Our Latest Report on Eaton
About Eaton
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Free Report)
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.
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