Norden Group LLC Invests $2.18 Million in Eaton Co. plc (NYSE:ETN)

Norden Group LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 6,960 shares of the industrial products company’s stock, valued at approximately $2,176,000.

Several other large investors also recently bought and sold shares of the stock. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton during the fourth quarter worth approximately $25,000. Atwood & Palmer Inc. grew its holdings in Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares in the last quarter. Clear Investment Research LLC acquired a new stake in shares of Eaton in the 4th quarter valued at $29,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton during the 1st quarter worth $33,000. Finally, Valued Wealth Advisors LLC purchased a new position in Eaton in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. HSBC upped their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. 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 report on Friday, April 5th. JPMorgan Chase & Co. increased their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Wolfe Research restated an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Trading Up 1.6 %

Shares of ETN stock opened at $318.42 on Friday. The stock has a market cap of $127.30 billion, a P/E ratio of 37.59, a P/E/G ratio of 2.68 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The business has a fifty day simple moving average of $325.43 and a 200-day simple moving average of $294.35.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. Eaton’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.88 EPS. On average, analysts forecast that Eaton Co. plc will post 10.55 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.18%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Eaton Company 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.