Kodai Capital Management LP Buys New Shares in Eaton Co. plc (NYSE:ETN)

Kodai Capital Management LP purchased a new position in shares of Eaton Co. plc (NYSE:ETNFree Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 162,408 shares of the industrial products company’s stock, valued at approximately $39,111,000.

Other hedge funds have also recently made changes to their positions in the company. Ritholtz Wealth Management boosted its stake in Eaton by 5.1% during the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after acquiring an additional 277 shares in the last quarter. Congress Wealth Management LLC DE raised its holdings in shares of Eaton by 8.1% during the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the period. Pacer Advisors Inc. boosted its position in shares of Eaton by 30.5% during the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares in the last quarter. Weiss Asset Management LP bought a new stake in Eaton in the 4th quarter valued at about $1,001,000. Finally, Prospector Partners LLC raised its stake in Eaton by 0.6% during the 4th quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock worth $17,172,000 after buying an additional 415 shares during the period. 82.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ETN. Bank of America boosted their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. HSBC boosted their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Finally, Wolfe Research reiterated an “underperform” rating and set a $312.00 price target on shares of Eaton in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $314.27.

Read Our Latest Analysis on Eaton

Eaton Stock Performance

NYSE ETN traded down $8.29 during trading hours on Tuesday, reaching $316.17. 4,097,678 shares of the company were exchanged, compared to its average volume of 2,002,359. 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 stock has a market capitalization of $126.40 billion, a P/E ratio of 38.32, a P/E/G ratio of 2.78 and a beta of 1.04. Eaton Co. plc has a 1 year low of $182.20 and a 1 year high of $345.19. The business’s 50 day simple moving average is $323.26 and its 200-day simple moving average is $280.84.

Eaton (NYSE:ETNGet Free Report) last posted 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 net margin of 14.38% and a return on equity of 20.69%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the previous year, the firm posted $1.88 EPS. Eaton’s revenue was up 8.4% on a year-over-year basis. On average, equities research analysts expect that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders 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 dividend on an annualized basis and a yield of 1.19%. Eaton’s dividend payout ratio is presently 44.39%.

Insider Transactions at Eaton

In related news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Peter Denk sold 2,416 shares of the business’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 sale, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

Eaton Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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