Avalon Global Asset Management LLC Has $9.44 Million Stake in Eaton Co. plc (NYSE:ETN)

Avalon Global Asset Management LLC grew its position in Eaton Co. plc (NYSE:ETN) by 0.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 30,100 shares of the industrial products company’s stock after buying an additional 100 shares during the period. Eaton accounts for approximately 2.1% of Avalon Global Asset Management LLC’s investment portfolio, making the stock its 15th largest holding. Avalon Global Asset Management LLC’s holdings in Eaton were worth $9,438,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ETN. Gryphon Financial Partners LLC increased its stake in shares of Eaton by 81.3% in the 4th quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock valued at $565,000 after buying an additional 1,053 shares during the period. CreativeOne Wealth LLC increased its stake in shares of Eaton by 27.3% in the 4th quarter. CreativeOne Wealth LLC now owns 1,324 shares of the industrial products company’s stock valued at $319,000 after buying an additional 284 shares during the period. SageView Advisory Group LLC increased its stake in shares of Eaton by 148.6% in the 4th quarter. SageView Advisory Group LLC now owns 6,759 shares of the industrial products company’s stock valued at $1,692,000 after buying an additional 4,040 shares during the period. Team Hewins LLC acquired a new stake in shares of Eaton during the fourth quarter worth $481,000. Finally, Orion Portfolio Solutions LLC increased its holdings in Eaton by 0.8% in the fourth quarter. Orion Portfolio Solutions LLC now owns 30,986 shares of the industrial products company’s stock valued at $7,405,000 after purchasing an additional 258 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Eaton news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ETN. Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Jefferies Financial Group upped their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company dropped their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $337.41.

Eaton Stock Performance

Shares of ETN opened at $330.59 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The firm has a fifty day simple moving average of $299.93 and a 200 day simple moving average of $312.45. The stock has a market capitalization of $132.17 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Research analysts forecast that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio 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.