Nova R Wealth Inc. Raises Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Nova R Wealth Inc. lifted its holdings in Eaton Corporation, PLC (NYSE:ETN) by 12.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 939 shares of the industrial products company’s stock after buying an additional 102 shares during the period. Nova R Wealth Inc.’s holdings in Eaton were worth $255,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ETN. Norges Bank purchased a new stake in Eaton during the fourth quarter valued at approximately $1,495,582,000. GAMMA Investing LLC increased its position in shares of Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock valued at $976,772,000 after purchasing an additional 3,580,198 shares during the last quarter. Capital International Investors purchased a new stake in Eaton during the 4th quarter valued at $523,541,000. Proficio Capital Partners LLC lifted its position in Eaton by 42,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after buying an additional 730,594 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new stake in Eaton in the fourth quarter worth $231,552,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

Shares of ETN opened at $342.72 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The company has a 50 day moving average price of $314.71 and a 200-day moving average price of $312.97. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The stock has a market capitalization of $134.11 billion, a PE ratio of 34.58, a PEG ratio of 2.66 and a beta of 1.16.

Eaton (NYSE:ETN) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.40 earnings per share. Equities analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s payout ratio is currently 41.98%.

Analyst Upgrades and Downgrades

ETN has been the topic of several recent analyst reports. BNP Paribas Exane began coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Evercore ISI raised their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research note on Monday, May 19th. Citigroup boosted their target price on Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Finally, KeyCorp increased their price target on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $368.78.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares of the company’s stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last quarter. Insiders own 0.30% of the company’s stock.

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.