Tortoise Investment Management LLC Has $80,000 Stake in Eaton Co. plc (NYSE:ETN)

Tortoise Investment Management LLC grew its holdings in shares of Eaton Co. plc (NYSE:ETN) by 377.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 334 shares of the industrial products company’s stock after buying an additional 264 shares during the quarter. Tortoise Investment Management LLC’s holdings in Eaton were worth $80,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Tennessee Valley Asset Management Partners acquired a new position in Eaton during the fourth quarter valued at approximately $25,000. Clear Investment Research LLC acquired a new stake in shares of Eaton in the 4th quarter valued at approximately $29,000. Valued Wealth Advisors LLC bought a new position in shares of Eaton in the fourth quarter valued at $35,000. Chilton Capital Management LLC acquired a new position in Eaton during the fourth quarter worth $35,000. Finally, Frazier Financial Advisors LLC bought a new stake in Eaton during the fourth quarter worth $41,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eaton

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

Eaton Price Performance

NYSE:ETN traded down $9.33 during trading hours on Friday, reaching $319.02. 2,055,883 shares of the company were exchanged, compared to its average volume of 1,972,370. The company has a market capitalization of $127.54 billion, a P/E ratio of 37.66, a P/E/G ratio of 2.67 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The business has a 50 day moving average of $323.99 and a 200 day moving average of $286.33. Eaton Co. plc has a 1-year low of $189.26 and a 1-year high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings results 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. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter last year, the business earned $1.88 earnings per share. Eaton’s revenue was up 8.4% on a year-over-year basis. Research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.18%. Eaton’s dividend payout ratio is 44.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ETN shares. Evercore ISI upped their target price on shares of Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Mizuho reiterated a “buy” rating and set a $355.00 target price (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. JPMorgan Chase & Co. increased their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

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.