Tilt Investment Management Holdings PBC Purchases New Shares in Eaton Co. plc (NYSE:ETN)

Tilt Investment Management Holdings PBC acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the 4th quarter, Holdings Channel.com reports. The fund acquired 1,629 shares of the industrial products company’s stock, valued at approximately $392,000.

Other hedge funds have also bought and sold shares of the company. Tufton Capital Management boosted its stake in shares of Eaton by 7.4% during the 4th quarter. Tufton Capital Management now owns 1,343 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 93 shares during the period. Peterson Wealth Services purchased a new position in shares of Eaton during the fourth quarter valued at approximately $2,889,000. Daiwa Securities Group Inc. grew its stake in shares of Eaton by 3.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 71,918 shares of the industrial products company’s stock valued at $17,319,000 after buying an additional 2,460 shares during the last quarter. Oakworth Capital Inc. raised its holdings in shares of Eaton by 82.1% in the fourth quarter. Oakworth Capital Inc. now owns 2,639 shares of the industrial products company’s stock worth $636,000 after buying an additional 1,190 shares during the period. Finally, KLCM Advisors Inc. lifted its stake in shares of Eaton by 1.8% during the 4th quarter. KLCM Advisors Inc. now owns 3,519 shares of the industrial products company’s stock worth $847,000 after acquiring an additional 63 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of NYSE ETN traded down $0.18 during midday trading on Thursday, reaching $310.00. 1,014,067 shares of the stock were exchanged, compared to its average volume of 1,880,723. The firm has a market cap of $123.85 billion, a price-to-earnings ratio of 38.67, a PEG ratio of 2.61 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The firm has a 50-day simple moving average of $299.48 and a two-hundred day simple moving average of $253.53. Eaton Co. plc has a twelve month low of $161.12 and a twelve month high of $331.47.

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, topping 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 analyst estimates of $5.91 billion. During the same period in the prior year, the company posted $2.06 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts anticipate that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 11th were given a $0.94 dividend. The ex-dividend date of this dividend was Friday, March 8th. This is a boost from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.21%. Eaton’s payout ratio is 46.88%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Bank of America raised their price target on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. UBS Group upped their target price on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Evercore ISI lifted their price target on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Finally, Berenberg Bank increased their price objective on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $295.60.

Insider Transactions at Eaton

In related news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock valued at $10,904,774 in the last three months. 0.53% of the stock is currently owned by company insiders.

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.