Pacific Point Advisors LLC Takes Position in Eaton Co. plc (NYSE:ETN)

Pacific Point Advisors LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,645 shares of the industrial products company's stock, valued at approximately $518,000.

Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in shares of Eaton in the fourth quarter worth $1,495,582,000. Capital International Investors acquired a new stake in shares of Eaton in the fourth quarter worth $523,541,000. Proficio Capital Partners LLC boosted its position in shares of Eaton by 42,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after buying an additional 730,594 shares during the period. Leigh Baldwin & CO. LLC acquired a new stake in shares of Eaton in the fourth quarter worth $231,552,000. Finally, Janus Henderson Group PLC boosted its position in shares of Eaton by 24.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after buying an additional 588,370 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Activity at Eaton

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ETN shares. KeyCorp lifted their price objective on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. BNP Paribas assumed coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Royal Bank of Canada lifted their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Finally, Jefferies Financial Group reduced their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $367.83.

Eaton Stock Performance

Shares of NYSE ETN traded up $7.04 during trading hours on Tuesday, hitting $328.10. 1,568,654 shares of the company's stock were exchanged, compared to its average volume of 3,452,383. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market capitalization of $128.39 billion, a price-to-earnings ratio of 34.54, a PEG ratio of 2.64 and a beta of 1.14. The company's 50-day moving average price is $291.21 and its 200-day moving average price is $318.44.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 EPS. The firm's revenue was up 7.3% compared to the same quarter last year. On average, sell-side analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.27%. Eaton's dividend payout ratio is 41.98%.

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.