Marks Group Wealth Management Inc Acquires Shares of 30,907 Eaton Co. plc (NYSE:ETN)

Marks Group Wealth Management Inc bought a new position in Eaton Co. plc (NYSE:ETN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 30,907 shares of the industrial products company’s stock, valued at approximately $7,443,000.

Several other hedge funds also recently made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new position in shares of Eaton in the fourth quarter valued at about $25,000. Valued Wealth Advisors LLC purchased a new stake in Eaton in the 4th quarter worth approximately $35,000. Chilton Capital Management LLC bought a new stake in shares of Eaton in the 4th quarter worth approximately $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Eaton during the third quarter valued at approximately $39,000. Finally, Fortitude Family Office LLC bought a new position in shares of Eaton during the fourth quarter valued at approximately $46,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Bank of America upped their price objective on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. Berenberg Bank upped their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Citigroup raised their target price on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $295.60.

Insider Activity

In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction on 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 completion of the sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock valued at $10,904,774 in the last ninety days. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of NYSE:ETN traded up $5.16 during midday trading on Monday, reaching $308.18. 2,379,197 shares of the company’s stock traded hands, compared to its average volume of 1,914,643. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. Eaton Co. plc has a one year low of $161.12 and a one year high of $331.47. The company has a market cap of $123.12 billion, a price-to-earnings ratio of 38.43, a P/E/G ratio of 2.51 and a beta of 1.07. The stock has a 50 day moving average of $301.39 and a 200 day moving average of $255.94.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the business earned $2.06 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were paid a dividend of $0.94 per share. The ex-dividend date was Friday, March 8th. This is a positive change from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a yield of 1.22%. Eaton’s payout ratio is currently 46.88%.

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.