Azimuth Capital Management LLC Purchases 1,185 Shares of Eaton Co. plc (NYSE:ETN)


Share on StockTwits

Azimuth Capital Management LLC grew its position in shares of Eaton Co. plc (NYSE:ETN) by 2.9% in the 4th quarter, HoldingsChannel reports. The firm owned 42,042 shares of the industrial products company’s stock after acquiring an additional 1,185 shares during the quarter. Azimuth Capital Management LLC’s holdings in Eaton were worth $5,051,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ETN. Harbor Investment Advisory LLC lifted its stake in shares of Eaton by 18.2% in the 3rd quarter. Harbor Investment Advisory LLC now owns 1,134 shares of the industrial products company’s stock valued at $116,000 after acquiring an additional 175 shares during the last quarter. Ritholtz Wealth Management bought a new stake in shares of Eaton in the 3rd quarter valued at about $202,000. Simon Quick Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $48,000. Bradley Foster & Sargent Inc. CT bought a new stake in shares of Eaton in the 3rd quarter valued at about $217,000. Finally, Essex Savings Bank lifted its stake in shares of Eaton by 4.3% in the 3rd quarter. Essex Savings Bank now owns 3,095 shares of the industrial products company’s stock valued at $316,000 after acquiring an additional 128 shares during the last quarter. 77.88% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have recently weighed in on the company. HSBC raised Eaton from a “hold” rating to a “buy” rating and boosted their target price for the company from $103.00 to $140.00 in a research note on Tuesday, February 16th. Robert W. Baird boosted their price target on Eaton from $119.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, February 2nd. Oppenheimer boosted their price target on Eaton from $118.00 to $133.00 and gave the company an “outperform” rating in a report on Wednesday, February 3rd. Jefferies Financial Group boosted their price target on Eaton from $130.00 to $150.00 and gave the company a “buy” rating in a report on Friday, January 15th. Finally, Morgan Stanley boosted their price target on Eaton from $125.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, January 20th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Eaton currently has a consensus rating of “Buy” and a consensus target price of $119.22.

In related news, Director Deborah L. Mccoy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, December 4th. The stock was sold at an average price of $119.58, for a total value of $179,370.00. Following the transaction, the director now directly owns 25,436 shares of the company’s stock, valued at approximately $3,041,636.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.54% of the company’s stock.

Shares of ETN traded down $1.16 during mid-day trading on Tuesday, reaching $129.69. The company had a trading volume of 87,987 shares, compared to its average volume of 2,192,528. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.49. The firm has a 50-day moving average price of $123.33 and a 200 day moving average price of $112.47. Eaton Co. plc has a 52 week low of $56.42 and a 52 week high of $131.72. The company has a market capitalization of $51.69 billion, a price-to-earnings ratio of 38.49, a price-to-earnings-growth ratio of 2.34 and a beta of 1.12.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Monday, February 1st. The industrial products company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.08. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.62 billion. Eaton had a return on equity of 11.94% and a net margin of 7.53%. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.37 EPS. As a group, research analysts forecast that Eaton Co. plc will post 4.17 earnings per share for the current fiscal year.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, wiring devices, and structural support systems; and residential, single phase power quality, emergency lighting and fire detection, and circuit protection and lighting products.

Read More: Recession

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. plc (NYSE:ETN).

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.