Novem Group Acquires New Shares in Eaton Co. plc (NYSE:ETN)

Novem Group acquired a new position in Eaton Co. plc (NYSE:ETN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,339 shares of the industrial products company's stock, valued at approximately $444,000.

Several other large investors also recently bought and sold shares of ETN. Norges Bank bought a new stake in Eaton in the 4th quarter worth about $1,495,582,000. Capital International Investors bought a new position in Eaton during the fourth quarter valued at approximately $523,541,000. Proficio Capital Partners LLC lifted its position in Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock valued at $243,036,000 after purchasing an additional 730,594 shares during the period. Leigh Baldwin & CO. LLC bought a new position in Eaton during the fourth quarter valued at approximately $231,552,000. Finally, Janus Henderson Group PLC lifted its position in Eaton by 24.3% during the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock valued at $998,144,000 after purchasing an additional 588,370 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

NYSE:ETN opened at $320.86 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The business's 50-day simple moving average is $290.07 and its two-hundred day simple moving average is $319.44. The stock has a market cap of $125.55 billion, a PE ratio of 33.77, a P/E/G ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the company posted $2.40 EPS. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be issued a $1.04 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.30%. Eaton's dividend payout ratio is currently 41.98%.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 51,054 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now owns 489,444 shares in the company, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on ETN shares. Jefferies Financial Group cut their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Citigroup increased their price objective on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Melius cut shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective on the stock. in a research note on Tuesday, January 28th. Morgan Stanley lowered their price objective on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Finally, Melius Research reiterated a "hold" rating and issued a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, Eaton has a consensus rating of "Moderate Buy" and a consensus price target of $367.83.

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.

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