Miracle Mile Advisors LLC Buys 726 Shares of Eaton Co. plc (NYSE:ETN)

Miracle Mile Advisors LLC lifted its stake in Eaton Co. plc (NYSE:ETN) by 20.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,333 shares of the industrial products company’s stock after buying an additional 726 shares during the period. Miracle Mile Advisors LLC’s holdings in Eaton were worth $1,355,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ETN. Qube Research & Technologies Ltd bought a new stake in shares of Eaton in the 3rd quarter worth about $4,814,000. Schonfeld Strategic Advisors LLC bought a new stake in Eaton during the 3rd quarter worth about $2,720,000. Jones Financial Companies Lllp grew its holdings in Eaton by 322.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 351 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 268 shares during the last quarter. AQR Capital Management LLC grew its holdings in Eaton by 47.7% during the 3rd quarter. AQR Capital Management LLC now owns 200,225 shares of the industrial products company’s stock worth $42,704,000 after acquiring an additional 64,685 shares during the last quarter. Finally, Shelton Capital Management boosted its stake in shares of Eaton by 5.6% in the 3rd quarter. Shelton Capital Management now owns 15,229 shares of the industrial products company’s stock valued at $3,248,000 after purchasing an additional 813 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of analyst reports. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. HSBC raised their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Bank of America raised their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. The Goldman Sachs Group raised their target price on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Berenberg Bank lifted their price objective on shares of Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $318.06.

Eaton Price Performance

NYSE ETN traded down $1.18 during trading on Monday, hitting $312.37. 1,766,944 shares of the company’s stock were exchanged, compared to its average volume of 2,026,481. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The company has a market cap of $124.89 billion, a PE ratio of 36.88, a P/E/G ratio of 2.64 and a beta of 1.02. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock’s 50 day moving average price is $325.35 and its two-hundred day moving average price is $293.12.

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, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the business posted $1.88 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Research analysts expect that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

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

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.

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.