NorthCoast Asset Management LLC Has $6.59 Million Stock Position in Eaton Co. plc (NYSE:ETN)

NorthCoast Asset Management LLC grew its stake in Eaton Co. plc (NYSE:ETN) by 1,305.7% during the first quarter, HoldingsChannel.com reports. The firm owned 47,681 shares of the industrial products company’s stock after buying an additional 44,289 shares during the period. NorthCoast Asset Management LLC’s holdings in Eaton were worth $6,593,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Eaton in the 1st quarter valued at $29,000. TCI Wealth Advisors Inc. increased its position in shares of Eaton by 110.8% in the 1st quarter. TCI Wealth Advisors Inc. now owns 215 shares of the industrial products company’s stock valued at $30,000 after buying an additional 113 shares in the last quarter. First Command Bank bought a new stake in shares of Eaton in the 1st quarter valued at $39,000. Cranbrook Wealth Management LLC increased its position in shares of Eaton by 70.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 303 shares of the industrial products company’s stock valued at $42,000 after buying an additional 125 shares in the last quarter. Finally, First National Bank of South Miami increased its position in shares of Eaton by 195.5% in the 1st quarter. First National Bank of South Miami now owns 325 shares of the industrial products company’s stock valued at $45,000 after buying an additional 215 shares in the last quarter. 77.91% of the stock is currently owned by institutional investors.

Shares of Eaton stock traded down $0.49 during trading hours on Thursday, reaching $155.14. 19,363 shares of the company’s stock were exchanged, compared to its average volume of 1,629,022. The business’s 50 day moving average is $147.46. Eaton Co. plc has a fifty-two week low of $91.72 and a fifty-two week high of $156.64. The company has a current ratio of 1.51, a quick ratio of 1.14 and a debt-to-equity ratio of 0.58. The firm has a market cap of $61.82 billion, a PE ratio of 43.72, a P/E/G ratio of 2.23 and a beta of 1.14.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, May 4th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.19. Eaton had a net margin of 8.05% and a return on equity of 12.55%. The business had revenue of $4.70 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period last year, the business posted $1.09 EPS. Eaton’s revenue was down 1.9% on a year-over-year basis. Equities analysts predict that Eaton Co. plc will post 6.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 28th. Investors of record on Friday, May 14th were paid a $0.76 dividend. The ex-dividend date was Thursday, May 13th. This represents a $3.04 annualized dividend and a yield of 1.96%. Eaton’s dividend payout ratio (DPR) is currently 71.70%.

ETN has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Eaton from $166.00 to $169.00 and gave the company a “buy” rating in a research report on Wednesday, July 14th. Evercore ISI increased their target price on Eaton from $139.00 to $168.00 in a report on Wednesday, May 12th. Credit Suisse Group increased their target price on Eaton from $158.00 to $163.00 and gave the stock an “outperform” rating in a report on Thursday, June 17th. Oppenheimer increased their target price on Eaton from $145.00 to $160.00 and gave the stock an “outperform” rating in a report on Tuesday, May 11th. Finally, increased their target price on Eaton from $142.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, March 31st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $152.65.

In other Eaton news, insider Sternadt Paulo Ruiz sold 14,254 shares of the firm’s stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $146.41, for a total transaction of $2,086,928.14. Following the completion of the sale, the insider now directly owns 63,485 shares in the company, valued at $9,294,838.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian S. Brickhouse sold 7,659 shares of the firm’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $148.16, for a total transaction of $1,134,757.44. Following the sale, the insider now owns 18,235 shares of the company’s stock, valued at $2,701,697.60. The disclosure for this sale can be found here. Insiders sold a total of 28,313 shares of company stock valued at $4,159,670 over the last quarter. 0.53% of the stock is currently owned by company insiders.

Eaton Profile

Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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