NorthCoast Asset Management LLC increased its stake in Eaton Co. plc (NYSE:ETN) by 1,305.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 47,681 shares of the industrial products company’s stock after acquiring an additional 44,289 shares during the quarter. NorthCoast Asset Management LLC’s holdings in Eaton were worth $6,593,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of ETN. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Eaton in the 1st quarter worth $29,000. TCI Wealth Advisors Inc. grew its holdings in shares of Eaton by 110.8% in the 1st quarter. TCI Wealth Advisors Inc. now owns 215 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 113 shares during the last quarter. First Command Bank acquired a new position in shares of Eaton in the 1st quarter worth $39,000. Cranbrook Wealth Management LLC grew its holdings in shares of Eaton by 70.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 303 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 125 shares during the last quarter. Finally, First National Bank of South Miami grew its holdings in shares of Eaton by 195.5% during the first quarter. First National Bank of South Miami now owns 325 shares of the industrial products company’s stock valued at $45,000 after buying an additional 215 shares in the last quarter. Institutional investors and hedge funds own 77.91% of the company’s stock.
Shares of NYSE:ETN traded down $0.49 on Thursday, reaching $155.14. The company had a trading volume of 19,363 shares, compared to its average volume of 1,629,022. Eaton Co. plc has a twelve month low of $91.72 and a twelve month high of $156.64. The company has a 50-day moving average of $147.46. The stock has a market cap of $61.82 billion, a PE ratio of 43.72, a P/E/G ratio of 2.23 and a beta of 1.14. The company has a quick ratio of 1.14, a current ratio of 1.51 and a debt-to-equity ratio of 0.58.
The business also recently declared a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Friday, May 14th were given a $0.76 dividend. The ex-dividend date was Thursday, May 13th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.96%. Eaton’s dividend payout ratio is currently 71.70%.
A number of brokerages have recently weighed in on ETN. Credit Suisse Group lifted their price target on Eaton from $158.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, June 17th. Evercore ISI lifted their price target on Eaton from $139.00 to $168.00 in a report on Wednesday, May 12th. Citigroup lifted their price target on Eaton from $142.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, March 31st. Zacks Investment Research downgraded Eaton from a “buy” rating to a “hold” rating and set a $150.00 price target on the stock. in a report on Tuesday, April 6th. Finally, Morgan Stanley lifted their price target on Eaton from $164.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, July 1st. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $152.65.
In other news, insider Sternadt Paulo Ruiz sold 14,254 shares of Eaton stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $146.41, for a total value of $2,086,928.14. Following the transaction, the insider now directly owns 63,485 shares in the company, valued at $9,294,838.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian S. Brickhouse sold 7,659 shares of Eaton stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $148.16, for a total value of $1,134,757.44. Following the completion of the transaction, the insider now owns 18,235 shares in the company, valued at $2,701,697.60. The disclosure for this sale can be found here. Insiders sold 28,313 shares of company stock valued at $4,159,670 in the last ninety days. Insiders own 0.53% of the company’s stock.
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
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