Garrison Asset Management LLC Makes New $2 Million Investment in Eaton Co. plc (NYSE:ETN)

Garrison Asset Management LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 6,390 shares of the industrial products company’s stock, valued at approximately $2,004,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Gryphon Financial Partners LLC increased its holdings in shares of Eaton by 81.3% in the 4th quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock worth $565,000 after buying an additional 1,053 shares during the last quarter. Foundations Investment Advisors LLC bought a new position in Eaton in the fourth quarter valued at $407,000. Great Lakes Advisors LLC raised its position in Eaton by 24.8% during the fourth quarter. Great Lakes Advisors LLC now owns 2,176 shares of the industrial products company’s stock valued at $524,000 after purchasing an additional 432 shares in the last quarter. Tortoise Investment Management LLC lifted its stake in Eaton by 305.7% during the fourth quarter. Tortoise Investment Management LLC now owns 284 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 214 shares during the last quarter. Finally, Financial Advocates Investment Management boosted its holdings in shares of Eaton by 1.8% in the 4th quarter. Financial Advocates Investment Management now owns 2,499 shares of the industrial products company’s stock worth $602,000 after purchasing an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on ETN shares. Evercore ISI dropped their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Barclays upped their price objective on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Wells Fargo & Company reduced their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, Raymond James lowered their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $335.18.

Eaton Stock Up 0.8 %

Shares of Eaton stock opened at $305.80 on Friday. The company’s fifty day simple moving average is $300.56 and its two-hundred day simple moving average is $311.66. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The company has a market cap of $121.74 billion, a P/E ratio of 36.10, a PEG ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Research analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.23%. Eaton’s payout ratio is 44.39%.

Insiders Place Their Bets

In other news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by corporate insiders.

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.