Revolve Wealth Partners LLC Buys Shares of 815 Eaton Co. plc (NYSE:ETN)

Revolve Wealth Partners LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 815 shares of the industrial products company’s stock, valued at approximately $255,000.

A number of other institutional investors also recently modified their holdings of the stock. Ritholtz Wealth Management lifted its stake in shares of Eaton by 5.1% in the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after purchasing an additional 277 shares during the last quarter. Pinnbrook Capital Management LP acquired a new stake in shares of Eaton in the 4th quarter valued at $15,109,000. Congress Wealth Management LLC DE lifted its stake in shares of Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of 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 purchasing an additional 7,964 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of Eaton in the 4th quarter valued at $1,001,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is currently owned by insiders.

Eaton Price Performance

Shares of ETN stock opened at $313.94 on Friday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The firm’s 50 day moving average is $325.05 and its 200-day moving average is $291.63. The firm has a market capitalization of $125.51 billion, a price-to-earnings ratio of 37.06, a PEG ratio of 2.64 and a beta of 1.04. 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 (NYSE:ETN) last announced 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 net margin of 14.38% and a return on equity of 20.69%. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the business earned $1.88 earnings per share. Eaton’s quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is 44.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Bank of America lifted their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Argus lifted their target price on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Mizuho restated a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, Wolfe Research restated an “underperform” rating and set a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $314.27.

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.