Sandy Cove Advisors LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Sandy Cove Advisors LLC purchased a new position in shares of Eaton Co. plc (NYSE:ETN) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 632 shares of the industrial products company’s stock, valued at approximately $210,000.

A number of other hedge funds have also made changes to their positions in ETN. Edgestream Partners L.P. grew its holdings in Eaton by 98.5% during the second quarter. Edgestream Partners L.P. now owns 1,989 shares of the industrial products company’s stock valued at $624,000 after purchasing an additional 987 shares during the last quarter. Seven Eight Capital LP bought a new position in Eaton in the 2nd quarter worth $270,000. Intech Investment Management LLC lifted its position in Eaton by 9.2% during the 2nd quarter. Intech Investment Management LLC now owns 30,985 shares of the industrial products company’s stock worth $9,715,000 after acquiring an additional 2,611 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Eaton by 1.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,045 shares of the industrial products company’s stock valued at $3,150,000 after acquiring an additional 116 shares during the period. Finally, King Luther Capital Management Corp increased its stake in shares of Eaton by 19.4% in the second quarter. King Luther Capital Management Corp now owns 3,327 shares of the industrial products company’s stock worth $1,043,000 after purchasing an additional 541 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Trading Up 0.4 %

Shares of ETN opened at $346.54 on Friday. The firm has a market capitalization of $136.95 billion, a PE ratio of 36.87, a price-to-earnings-growth 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 quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock’s fifty 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 for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the previous year, the firm posted $2.47 earnings per share. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.09%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. The trade was a 18.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,981 shares of company stock worth $27,660,117 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

ETN has been the subject of several research reports. Wells Fargo & Company reduced their price objective on Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Bank of America boosted their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Finally, Barclays boosted their price objective on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus target price of $368.89.

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.