Hamilton Point Investment Advisors LLC Raises Stake in Eaton Corporation, PLC (NYSE:ETN)

Hamilton Point Investment Advisors LLC raised its stake in Eaton Corporation, PLC (NYSE:ETN) by 0.2% in the first quarter, HoldingsChannel reports. The fund owned 29,831 shares of the industrial products company’s stock after purchasing an additional 62 shares during the period. Eaton accounts for approximately 1.5% of Hamilton Point Investment Advisors LLC’s investment portfolio, making the stock its 22nd largest holding. Hamilton Point Investment Advisors LLC’s holdings in Eaton were worth $8,109,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. FMR LLC raised its stake in Eaton by 1.2% in the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock valued at $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after acquiring an additional 129,071 shares during the period. Nuveen Asset Management LLC boosted its holdings in Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after acquiring an additional 192,482 shares during the period. Northern Trust Corp boosted its holdings in Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after acquiring an additional 368,241 shares during the period. Finally, Norges Bank purchased a new position in Eaton during the 4th quarter valued at about $1,495,582,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ETN has been the topic of several research analyst reports. Citigroup raised their target price on Eaton from $351.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Evercore ISI boosted their price target on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a report on Monday, May 19th. BNP Paribas assumed coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target for the company. JPMorgan Chase & Co. increased their price target on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Finally, BNP Paribas Exane assumed coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $377.89.

Eaton Trading Up 1.1%

Shares of ETN stock traded up $4.15 on Thursday, hitting $384.39. The stock had a trading volume of 367,691 shares, compared to its average volume of 3,072,483. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $385.65. The firm has a market cap of $150.41 billion, a P/E ratio of 38.86, a PEG ratio of 2.81 and a beta of 1.17. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The company has a fifty day moving average price of $342.17 and a two-hundred day moving average price of $315.63.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS 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 the consensus estimate of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.40 EPS. As a group, analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.08%. Eaton’s dividend payout ratio is 41.98%.

Insider Buying and Selling

In other Eaton news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last 90 days. Company insiders own 0.30% of the company’s stock.

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.