Eaton Co. plc (NYSE:ETN) Shares Acquired by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC increased its position in shares of Eaton Co. plc (NYSE:ETN) by 11.8% in the first quarter, HoldingsChannel.com reports. The firm owned 951 shares of the industrial products company’s stock after acquiring an additional 100 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Eaton were worth $297,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ETN. Vanguard Group Inc. lifted its position in shares of Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after buying an additional 259,615 shares during the last quarter. Norges Bank purchased a new stake in Eaton in the fourth quarter valued at $1,087,983,000. Coatue Management LLC increased its stake in Eaton by 5.2% in 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 during the period. Raymond James & Associates raised its position in Eaton by 1.7% during the 1st quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock worth $1,189,488,000 after buying an additional 64,446 shares during the last quarter. Finally, Capital World Investors lifted its stake in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after acquiring an additional 2,439,270 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of Eaton stock traded up $4.91 during trading on Friday, hitting $297.79. 3,090,006 shares of the company were exchanged, compared to its average volume of 2,170,230. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. 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 50 day moving average price of $322.30 and a 200 day moving average price of $303.69. The stock has a market capitalization of $119.06 billion, a price-to-earnings ratio of 35.16, a P/E/G ratio of 2.49 and a beta of 1.02.

Eaton (NYSE:ETN) last posted 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 analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.88 EPS. On average, equities analysts expect that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s payout ratio is 44.39%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ETN shares. Mizuho reissued a “buy” rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Raymond James assumed coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target for the company. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $286.00 to $371.00 in a report on Friday, April 5th. JPMorgan Chase & Co. boosted their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, HSBC increased their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average price target of $323.06.

Insider Buying and Selling

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

Eaton Company 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.