Eastover Investment Advisors LLC Makes New $6.17 Million Investment in Eaton Co. plc (NYSE:ETN)

Eastover Investment Advisors LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 18,582 shares of the industrial products company’s stock, valued at approximately $6,167,000. Eaton accounts for 2.9% of Eastover Investment Advisors LLC’s holdings, making the stock its 21st largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after acquiring an additional 1,629,856 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares during the last quarter. Janus Henderson Group PLC raised its stake in Eaton by 32.8% in the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after purchasing an additional 597,700 shares in the last quarter. Wulff Hansen & CO. lifted its position in Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after purchasing an additional 476,639 shares during the last quarter. Finally, Electron Capital Partners LLC grew its stake in Eaton by 8,348.9% in the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock worth $140,008,000 after buying an additional 441,239 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares in the company, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is currently owned by corporate insiders.

Eaton Price Performance

ETN stock opened at $341.54 on Monday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $355.14 and its two-hundred day moving average price is $328.96. The stock has a market capitalization of $134.98 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 2.70 and a beta of 1.06. Eaton Co. plc has a 12-month low of $236.04 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.47 EPS. As a group, equities analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price objective on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Mizuho upped their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Citigroup raised their price objective on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a report on Monday, December 9th. UBS Group began coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price for the company. Finally, Royal Bank of Canada lifted their price target on shares of Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $369.28.

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.