Valley National Advisers Inc. Purchases 36 Shares of Eaton Co. plc (NYSE:ETN)

Valley National Advisers Inc. raised its position in Eaton Co. plc (NYSE:ETN) by 5.6% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 682 shares of the industrial products company’s stock after buying an additional 36 shares during the period. Valley National Advisers Inc.’s holdings in Eaton were worth $213,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Eaton by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after buying an additional 259,615 shares during the last quarter. Norges Bank bought a new position in shares of Eaton in the 4th quarter worth $1,087,983,000. Coatue Management LLC boosted its position in shares of Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares during the last quarter. Raymond James & Associates boosted its position in shares of Eaton by 3.8% in the 4th quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock worth $900,600,000 after purchasing an additional 138,465 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Eaton by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock worth $520,998,000 after purchasing an additional 27,386 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now 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 is available through this link. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Up 1.6 %

Shares of NYSE:ETN traded up $5.14 during midday trading on Wednesday, reaching $318.42. The company had a trading volume of 1,122,857 shares, compared to its average volume of 2,020,785. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average price is $325.44 and its 200 day moving average price is $294.18. The stock has a market cap of $127.30 billion, a PE ratio of 37.65, a P/E/G ratio of 2.64 and a beta of 1.02. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. Eaton’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. Research analysts forecast that Eaton Co. plc will post 10.55 EPS for the current fiscal year.

Eaton Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on ETN. The Goldman Sachs Group raised their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $286.00 to $371.00 in a research note on Friday, April 5th. Argus raised their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. raised their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $318.06.

About Eaton

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.