26,318 Shares in Eaton Co. plc (NYSE:ETN) Bought by Cambridge Financial Group Inc.

Cambridge Financial Group Inc. acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 26,318 shares of the industrial products company’s stock, valued at approximately $6,338,000. Eaton comprises 3.2% of Cambridge Financial Group Inc.’s portfolio, making the stock its 18th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ritholtz Wealth Management boosted its stake in shares of Eaton by 5.1% during the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after purchasing an additional 277 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Eaton by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after purchasing an additional 7,964 shares during the period. Chicago Capital LLC purchased a new position in Eaton during the 4th quarter worth $2,958,000. Neo Ivy Capital Management bought a new stake in Eaton during the 3rd quarter valued at $479,000. Finally, Adell Harriman & Carpenter Inc. grew its position in shares of Eaton by 10.8% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 43,984 shares of the industrial products company’s stock worth $10,592,000 after buying an additional 4,287 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the transaction, the insider now owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is owned by company insiders.

Eaton Stock Performance

Eaton stock traded up $6.15 during mid-day trading on Friday, reaching $320.50. 1,769,790 shares of the company traded hands, compared to its average volume of 2,741,837. Eaton Co. plc has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The firm’s fifty day moving average is $308.68 and its two-hundred day moving average is $262.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The company has a market capitalization of $128.14 billion, a price-to-earnings ratio of 37.84, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06.

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. The company 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 firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $1.88 EPS. On average, equities research analysts expect that Eaton Co. plc will post 10.45 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a $0.94 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.17%. Eaton’s dividend payout ratio is currently 44.39%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Argus upped their price objective on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday. HSBC lifted their price objective on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore ISI lifted their price target on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Finally, Citigroup upped their price objective on Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $314.27.

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.