Sandy Cove Advisors LLC Acquires Shares of 632 Eaton Co. plc (NYSE:ETN)

Sandy Cove Advisors LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 632 shares of the industrial products company’s stock, valued at approximately $210,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bowman & Co S.C. increased its position in shares of Eaton by 1.5% during the fourth quarter. Bowman & Co S.C. now owns 12,444 shares of the industrial products company’s stock worth $4,130,000 after acquiring an additional 178 shares during the last quarter. Moss Adams Wealth Advisors LLC grew its stake in Eaton by 9.7% during the 4th quarter. Moss Adams Wealth Advisors LLC now owns 851 shares of the industrial products company’s stock valued at $282,000 after purchasing an additional 75 shares in the last quarter. Sandbox Financial Partners LLC purchased a new stake in Eaton during the 4th quarter worth approximately $320,000. HB Wealth Management LLC boosted its stake in shares of Eaton by 18.1% during the 4th quarter. HB Wealth Management LLC now owns 16,524 shares of the industrial products company’s stock valued at $5,485,000 after buying an additional 2,531 shares during the last quarter. Finally, Shelton Wealth Management LLC boosted its stake in shares of Eaton by 3.5% during the 4th quarter. Shelton Wealth Management LLC now owns 2,967 shares of the industrial products company’s stock valued at $985,000 after buying an additional 100 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ETN. Barclays upped their price target on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Jefferies Financial Group upped their target price on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company decreased their price target on Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their price objective on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Citigroup decreased their target price on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $368.89.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,981 shares of company stock valued at $27,660,117. 0.33% of the stock is currently owned by corporate insiders.

Eaton Stock Up 0.4 %

NYSE ETN opened at $346.54 on Friday. The company has a market capitalization of $136.95 billion, a P/E ratio of 36.87, a PEG ratio of 2.27 and a beta of 1.06. Eaton Co. plc has a 12 month low of $236.20 and a 12 month high of $379.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The company’s 50 day simple moving average is $354.32 and its 200 day simple moving average is $329.77.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.47 earnings per share. Equities research analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.09%. Eaton’s payout ratio is presently 40.00%.

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.