Eaton Co. plc (NYSE:ETN) Shares Purchased by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its position in Eaton Co. plc (NYSE:ETN) by 4.4% during the 2nd quarter, Holdings Channel reports. The fund owned 4,209 shares of the industrial products company’s stock after acquiring an additional 177 shares during the quarter. Covenant Asset Management LLC’s holdings in Eaton were worth $846,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ETN. FMR LLC raised its holdings in Eaton by 208.8% during the first quarter. FMR LLC now owns 10,075,604 shares of the industrial products company’s stock worth $1,726,354,000 after purchasing an additional 6,812,750 shares in the last quarter. Norges Bank acquired a new stake in Eaton during the fourth quarter worth approximately $798,119,000. Providence Capital Advisors LLC raised its holdings in Eaton by 17,194.5% during the first quarter. Providence Capital Advisors LLC now owns 5,014,380 shares of the industrial products company’s stock worth $29,265,000 after purchasing an additional 4,985,386 shares in the last quarter. Moneta Group Investment Advisors LLC raised its holdings in Eaton by 122,471.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,619,350 shares of the industrial products company’s stock worth $411,107,000 after purchasing an additional 2,617,213 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Eaton by 26.2% during the fourth quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock worth $1,968,521,000 after purchasing an additional 2,602,246 shares in the last quarter. Institutional investors and hedge funds own 81.02% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Thomas B. Okray sold 4,950 shares of Eaton stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the completion of the transaction, the insider now owns 7,367 shares of the company’s stock, valued at approximately $1,702,440.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Thomas B. Okray sold 4,950 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the sale, the insider now directly owns 7,367 shares in the company, valued at approximately $1,702,440.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Taras G. Jr. Szmagala sold 1,869 shares of the business’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total transaction of $423,664.92. Following the completion of the sale, the insider now owns 7,431 shares in the company, valued at $1,684,459.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,650 shares of company stock valued at $25,686,391. 0.53% of the stock is owned by company insiders.

Eaton Price Performance

Eaton stock traded down $1.24 during midday trading on Tuesday, reaching $217.91. The company’s stock had a trading volume of 223,485 shares, compared to its average volume of 2,047,515. Eaton Co. plc has a fifty-two week low of $129.85 and a fifty-two week high of $240.44. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.99 and a current ratio of 1.53. The stock’s 50 day simple moving average is $217.52 and its 200 day simple moving average is $190.29. The firm has a market capitalization of $86.95 billion, a PE ratio of 32.37, a P/E/G ratio of 2.13 and a beta of 1.11.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, August 1st. The industrial products company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.10. Eaton had a return on equity of 19.06% and a net margin of 12.29%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter last year, the company earned $1.87 earnings per share. Eaton’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Co. plc will post 8.81 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Friday, August 4th. Eaton’s dividend payout ratio (DPR) is currently 50.81%.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $178.00 to $185.00 and gave the stock a “neutral” rating in a report on Wednesday, August 2nd. Royal Bank of Canada raised their target price on shares of Eaton from $188.00 to $215.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 2nd. Citigroup raised their target price on shares of Eaton from $190.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Barclays raised their target price on shares of Eaton from $170.00 to $198.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 2nd. Finally, Morgan Stanley raised their target price on shares of Eaton from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $211.93.

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.