Legacy Capital Wealth Partners LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Legacy Capital Wealth Partners LLC purchased a new stake in Eaton Co. plc (NYSE:ETN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 996 shares of the industrial products company’s stock, valued at approximately $312,000.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Eaton by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares during the period. Norges Bank purchased a new stake in Eaton in the fourth quarter valued at approximately $1,087,983,000. Coatue Management LLC raised its position in Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after purchasing an additional 195,809 shares during the period. Capital World Investors raised its position in Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the period. Finally, TD Asset Management Inc raised its position in Eaton by 19.9% in the fourth quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock valued at $488,815,000 after purchasing an additional 337,351 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the 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 completion of the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Raymond James assumed coverage on Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price on the stock. Jefferies Financial Group boosted their target price on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Royal Bank of Canada cut their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company cut their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $328.00.

Eaton Stock Performance

NYSE ETN opened at $288.77 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a market capitalization of $115.45 billion, a PE ratio of 34.09, a P/E/G ratio of 2.35 and a beta of 1.02. The company has a fifty day moving average of $303.62 and a two-hundred day moving average of $311.06.

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 company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. As a group, analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.30%. Eaton’s dividend payout ratio 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.