Berry Wealth Group LP Invests $6.24 Million in Eaton Co. plc (NYSE:ETN)

Berry Wealth Group LP acquired a new stake in Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 25,922 shares of the industrial products company’s stock, valued at approximately $6,243,000. Eaton comprises approximately 5.7% of Berry Wealth Group LP’s investment portfolio, making the stock its 3rd largest holding.

A number of other institutional investors have also made changes to their positions in the business. Accurate Wealth Management LLC bought a new position in shares of Eaton in the third quarter valued at $226,000. Vicus Capital bought a new position in shares of Eaton in the 3rd quarter valued at about $301,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of Eaton by 6.2% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 62,359 shares of the industrial products company’s stock worth $13,300,000 after purchasing an additional 3,648 shares during the last quarter. Kingswood Wealth Advisors LLC raised its holdings in shares of Eaton by 27.8% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 3,946 shares of the industrial products company’s stock valued at $842,000 after purchasing an additional 859 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Eaton by 4.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 105,233 shares of the industrial products company’s stock valued at $22,444,000 after purchasing an additional 4,048 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In other Eaton news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the sale, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Eaton news, insider Peter Denk sold 1,731 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the transaction, the insider now directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock valued at $10,904,774 over the last 90 days. 0.53% of the stock is owned by insiders.

Eaton Price Performance

Shares of NYSE:ETN traded down $4.78 during trading on Wednesday, hitting $313.48. 1,140,983 shares of the company were exchanged, compared to its average volume of 1,999,930. Eaton Co. plc has a 1-year low of $165.24 and a 1-year high of $333.05. The company has a market capitalization of $125.24 billion, a P/E ratio of 39.19, a price-to-earnings-growth ratio of 2.71 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The business’s 50 day moving average is $306.65 and its 200-day moving average is $260.44.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities analysts forecast that Eaton Co. plc will post 10.28 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. Eaton’s dividend payout ratio (DPR) is presently 46.88%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ETN. JPMorgan Chase & Co. raised their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America lifted their price objective on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. UBS Group increased their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Berenberg Bank raised their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, Citigroup upped their price target on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $302.93.

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.