Patrick M Sweeney & Associates Inc. Makes New Investment in Eaton Co. plc (NYSE:ETN)

Patrick M Sweeney & Associates Inc. purchased a new position in shares of Eaton Co. plc (NYSE:ETN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,380 shares of the industrial products company's stock, valued at approximately $814,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETN. Centric Wealth Management purchased a new stake in Eaton in the fourth quarter worth approximately $192,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Eaton by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company's stock valued at $520,998,000 after purchasing an additional 27,386 shares during the last quarter. Apollon Wealth Management LLC raised its position in Eaton by 12.7% in the 4th quarter. Apollon Wealth Management LLC now owns 18,391 shares of the industrial products company's stock worth $4,429,000 after purchasing an additional 2,079 shares during the period. Lincoln National Corp lifted its stake in Eaton by 11.0% in the fourth quarter. Lincoln National Corp now owns 76,128 shares of the industrial products company's stock worth $18,333,000 after purchasing an additional 7,575 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its position in Eaton by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 31,002 shares of the industrial products company's stock valued at $7,466,000 after buying an additional 330 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays upgraded Eaton from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Berenberg Bank increased their price objective on Eaton from $200.00 to $345.00 and gave the stock a "buy" rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. boosted their price target on Eaton from $279.00 to $325.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 1st. The Goldman Sachs Group lifted their price objective on Eaton from $287.00 to $328.00 and gave the company a "buy" rating in a research note on Friday, March 15th. Finally, HSBC lifted their price target on Eaton from $240.00 to $280.00 and gave the stock a "hold" rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Eaton currently has a consensus rating of "Moderate Buy" and a consensus target price of $314.27.

Insider Activity at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of the firm's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company's stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Heath B. Monesmith sold 13,027 shares of the company's stock in a transaction on 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 completion of the transaction, the insider now owns 69,472 shares of the company's stock, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Denk sold 1,731 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the sale, the insider now owns 5,514 shares of the company's stock, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,219 shares of company stock worth $5,509,667. Corporate insiders own 0.33% of the company's stock.

Eaton Stock Performance

Eaton stock traded up $2.97 during midday trading on Wednesday, reaching $330.40. 1,401,463 shares of the company traded hands, compared to its average volume of 2,018,528. The business has a 50 day moving average of $310.41 and a two-hundred day moving average of $264.55. The firm has a market capitalization of $132.09 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. Eaton Co. plc has a 12 month low of $165.24 and a 12 month high of $333.13.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to analysts' expectations of $5.91 billion. During the same period last year, the firm posted $1.88 earnings per share. The business's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, research analysts predict that Eaton Co. plc will post 10.45 earnings per share for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. Eaton's dividend payout ratio is currently 44.39%.

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.