Private Advisory Group LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Private Advisory Group LLC purchased a new position in shares of Eaton Co. plc (NYSE:ETN) during the second quarter, HoldingsChannel reports. The institutional investor purchased 2,333 shares of the industrial products company’s stock, valued at approximately $731,000.

Several other hedge funds have also made changes to their positions in ETN. Tennessee Valley Asset Management Partners purchased a new stake in Eaton in the fourth quarter valued at approximately $25,000. J.W. Cole Advisors Inc. grew its stake in shares of Eaton by 5.6% during the 4th quarter. J.W. Cole Advisors Inc. now owns 1,741 shares of the industrial products company’s stock valued at $419,000 after buying an additional 93 shares during the period. CWM LLC increased its holdings in shares of Eaton by 2.3% during the 4th quarter. CWM LLC now owns 12,528 shares of the industrial products company’s stock worth $3,017,000 after buying an additional 278 shares during the last quarter. Diversified LLC purchased a new position in shares of Eaton in the 4th quarter worth $205,000. Finally, Monument Capital Management boosted its holdings in Eaton by 1.9% in the fourth quarter. Monument Capital Management now owns 2,415 shares of the industrial products company’s stock valued at $582,000 after acquiring an additional 44 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Up 0.3 %

NYSE ETN traded up $0.88 during mid-day trading on Friday, reaching $298.57. 174,100 shares of the company’s stock traded hands, compared to its average volume of 2,162,470. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a fifty day simple moving average of $308.07 and a 200-day simple moving average of $309.31. The company has a market cap of $119.37 billion, a price-to-earnings ratio of 35.42, a P/E/G ratio of 2.47 and a beta of 1.02.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a $0.94 dividend. The ex-dividend date is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.26%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ETN. Raymond James began coverage on Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Jefferies Financial Group boosted their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Argus raised their target price on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Finally, Evercore ISI decreased their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $328.00.

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.