Barometer Capital Management Inc. Takes $7.35 Million Position in Eaton Co. plc (NYSE:ETN)

Barometer Capital Management Inc. acquired a new position in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 30,532 shares of the industrial products company’s stock, valued at approximately $7,353,000. Eaton comprises approximately 2.3% of Barometer Capital Management Inc.’s holdings, making the stock its 16th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ETN. Ritholtz Wealth Management raised its position in shares of Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after buying an additional 277 shares during the period. Pinnbrook Capital Management LP acquired a new position in shares of Eaton in the 4th quarter valued at $15,109,000. Congress Wealth Management LLC DE increased its position in shares of Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Eaton by 30.5% in the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after buying an additional 7,964 shares during the period. Finally, Weiss Asset Management LP acquired a new position in Eaton in the fourth quarter valued at about $1,001,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.33% of the stock is owned by insiders.

Eaton Stock Performance

Shares of Eaton stock traded down $3.70 during trading on Tuesday, reaching $319.28. The company’s stock had a trading volume of 1,247,552 shares, compared to its average volume of 2,013,762. The firm has a market cap of $127.65 billion, a PE ratio of 38.13, a P/E/G ratio of 2.63 and a beta of 1.04. The company has a 50-day moving average price of $323.85 and a two-hundred day moving average price of $284.04. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a fifty-two week low of $185.55 and a fifty-two week high of $345.19.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter in the prior year, the firm earned $1.88 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.18%. Eaton’s dividend payout ratio is currently 44.39%.

Analysts Set New Price Targets

ETN has been the topic of a number of research analyst reports. Wolfe Research reissued an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. The Goldman Sachs Group upped their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Bank of America lifted their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Mizuho restated a “buy” rating and set a $355.00 target price (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $314.27.

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.