McLean Asset Management Corp Makes New Investment in Eaton Co. plc (NYSE:ETN)

McLean Asset Management Corp acquired a new position in Eaton Co. plc (NYSE:ETN) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 702 shares of the industrial products company’s stock, valued at approximately $220,000.

Several other institutional investors have also recently made changes to their positions in ETN. Vanguard Group Inc. raised its stake in Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares during the period. Northern Trust Corp grew its holdings in Eaton by 2.2% during the 3rd quarter. Northern Trust Corp now owns 5,009,435 shares of the industrial products company’s stock valued at $1,068,412,000 after buying an additional 109,775 shares in the last quarter. Norges Bank purchased a new position in Eaton during the 4th quarter valued at approximately $1,087,983,000. Coatue Management LLC grew its holdings in Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after buying an additional 195,809 shares in the last quarter. Finally, Raymond James & Associates grew its holdings in Eaton by 3.8% during the 4th quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock valued at $900,600,000 after buying an additional 138,465 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Wolfe Research reissued an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. Mizuho reiterated a “buy” rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Argus upped their target price on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. upped their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Insider Activity at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.

Eaton Stock Down 1.0 %

NYSE:ETN traded down $3.34 during mid-day trading on Friday, reaching $319.90. The stock had a trading volume of 3,067,674 shares, compared to its average volume of 2,028,760. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The stock’s 50 day simple moving average is $324.66 and its two-hundred day simple moving average is $289.28. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a market capitalization of $127.90 billion, a price-to-earnings ratio of 37.77, a price-to-earnings-growth ratio of 2.74 and a beta of 1.04.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 earnings per share. Equities analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was 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.