Patrick M Sweeney & Associates Inc. Buys Shares of 3,380 Eaton Co. plc (NYSE:ETN)

Patrick M Sweeney & Associates Inc. purchased a new stake in Eaton Co. plc (NYSE:ETN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,380 shares of the industrial products company’s stock, valued at approximately $814,000.

A number of other hedge funds also recently made changes to their positions in the business. FMR LLC grew its stake in shares of Eaton by 36.0% in the third quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after purchasing an additional 5,270,331 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Eaton in the 3rd quarter valued at about $340,500,000. Deutsche Bank AG increased its stake in Eaton by 97.5% during the 3rd quarter. Deutsche Bank AG now owns 1,860,312 shares of the industrial products company’s stock valued at $396,767,000 after buying an additional 918,422 shares during the period. Artisan Partners Limited Partnership bought a new stake in shares of Eaton during the 3rd quarter worth about $67,305,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Eaton by 21,664.8% in the 4th quarter. International Assets Investment Management LLC now owns 316,242 shares of the industrial products company’s stock worth $76,157,000 after acquiring an additional 314,789 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction 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 sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Olivier Leonetti sold 4,461 shares of the firm’s 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 transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction 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 sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold a total of 19,219 shares of company stock worth $5,509,667 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ETN. The Goldman Sachs Group boosted their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. raised their target price on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Evercore ISI boosted their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Mizuho restated a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Finally, Citigroup boosted their target price on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Eaton Stock Up 0.9 %

Shares of Eaton stock traded up $2.97 during midday trading on Wednesday, hitting $330.40. The company’s stock had a trading volume of 1,401,463 shares, compared to its average volume of 2,018,438. Eaton Co. plc has a 1-year low of $165.24 and a 1-year high of $333.13. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $132.09 billion, a P/E ratio of 38.64, a PEG ratio of 2.54 and a beta of 1.06. The stock has a 50-day simple moving average of $310.41 and a 200-day simple moving average of $264.55.

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

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

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.