Kimelman & Baird LLC Acquires New Stake in Eaton Co. plc (NYSE:ETN)

Kimelman & Baird LLC acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 597 shares of the industrial products company’s stock, valued at approximately $187,000.

A number of other hedge funds have also made changes to their positions in ETN. Legacy Capital Group California Inc. grew its position in Eaton by 1.2% in the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock worth $870,000 after buying an additional 32 shares during the last quarter. Well Done LLC grew its position in Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after buying an additional 33 shares during the last quarter. Verdence Capital Advisors LLC grew its position in Eaton by 1.7% in the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock worth $644,000 after buying an additional 34 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in Eaton by 1.7% in the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock worth $644,000 after buying an additional 35 shares during the last quarter. Finally, Front Row Advisors LLC grew its position in Eaton by 0.4% during the 2nd quarter. Front Row Advisors LLC now owns 7,842 shares of the industrial products company’s stock worth $2,459,000 after purchasing an additional 35 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. Jefferies Financial Group lifted their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Royal Bank of Canada lowered their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Citigroup began coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $337.41.

Insider Buying and Selling

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karenann K. Terrell acquired 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 in the last quarter. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Up 0.9 %

ETN stock opened at $331.44 on Tuesday. 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 1 year low of $191.82 and a 1 year high of $345.19. The company has a fifty day simple moving average of $301.25 and a 200 day simple moving average of $314.04. The firm has a market cap of $132.51 billion, a PE ratio of 39.13, a PEG ratio of 2.53 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. Sell-side analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.13%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.