Red Door Wealth Management LLC Purchases 169 Shares of Eaton Co. plc (NYSE:ETN)

Red Door Wealth Management LLC increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 16.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,205 shares of the industrial products company’s stock after acquiring an additional 169 shares during the quarter. Red Door Wealth Management LLC’s holdings in Eaton were worth $377,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Eaton by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after purchasing an additional 259,615 shares during the last quarter. Norges Bank bought a new position in Eaton during the 4th quarter worth about $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 worth $960,016,000 after acquiring an additional 195,809 shares in the last quarter. 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 worth $900,600,000 after acquiring an additional 138,465 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Eaton by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock valued at $520,998,000 after buying an additional 27,386 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

ETN has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. raised their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. Berenberg Bank lifted 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, HSBC lifted their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $318.06.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

Shares of ETN traded down $0.39 during trading hours on Friday, hitting $313.55. The stock had a trading volume of 2,557,711 shares, compared to its average volume of 2,258,211. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The firm has a 50-day moving average price of $325.35 and a 200 day moving average price of $292.72. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The firm has a market capitalization of $125.36 billion, a price-to-earnings ratio of 37.02, a PEG ratio of 2.62 and a beta of 1.04.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate 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 net margin of 14.38% and a return on equity of 20.69%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.88 EPS. As a group, research analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were given a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

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.