Red Cedar Investment Management LLC Raises Holdings in Eaton Co. plc (NYSE:ETN)

Red Cedar Investment Management LLC boosted its stake in shares of Eaton Co. plc (NYSE:ETN) by 14.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,761 shares of the industrial products company’s stock after acquiring an additional 3,033 shares during the quarter. Eaton accounts for 0.9% of Red Cedar Investment Management LLC’s holdings, making the stock its 17th largest position. Red Cedar Investment Management LLC’s holdings in Eaton were worth $5,963,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton during the 4th quarter valued at about $25,000. Valued Wealth Advisors LLC acquired a new stake in Eaton in the fourth quarter valued at approximately $35,000. Chilton Capital Management LLC acquired a new position in shares of Eaton during the 4th quarter worth approximately $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Eaton during the 3rd quarter valued at approximately $39,000. Finally, Legacy Financial Group LLC acquired a new stake in Eaton in the 3rd quarter valued at $43,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the sale, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock worth $10,904,774 in the last 90 days. 0.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ETN has been the topic of several recent analyst reports. Citigroup increased their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a report on Friday, February 2nd. JPMorgan Chase & Co. lifted their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore ISI increased their target price on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $286.00 to $371.00 in a research note on Friday, April 5th. Finally, HSBC upped their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday. One 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton Stock Performance

NYSE:ETN traded up $6.15 during mid-day trading on Friday, hitting $320.50. The stock had a trading volume of 1,769,790 shares, compared to its average volume of 2,741,837. The stock has a market capitalization of $128.14 billion, a price-to-earnings ratio of 37.84, a P/E/G ratio of 2.54 and a beta of 1.06. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a 52 week low of $165.24 and a 52 week high of $333.05. The company has a 50 day simple moving average of $308.68 and a 200-day simple moving average of $261.94.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the previous year, the firm posted $1.88 EPS. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, research analysts expect that Eaton Co. plc will post 10.45 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company 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 annualized dividend and a yield of 1.17%. Eaton’s dividend payout ratio (DPR) is presently 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.