Polar Asset Management Partners Inc. Buys 102,242 Shares of Eaton Co. plc (NYSE:ETN)

Polar Asset Management Partners Inc. boosted its stake in Eaton Co. plc (NYSE:ETN) by 801.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,000 shares of the industrial products company’s stock after purchasing an additional 102,242 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Eaton were worth $38,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton during the 4th quarter worth $27,000. Noble Wealth Management PBC purchased a new stake in Eaton during the fourth quarter valued at about $30,000. Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the fourth quarter worth about $33,000. Activest Wealth Management boosted its holdings in shares of Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 87 shares in the last quarter. Finally, Knuff & Co LLC bought a new position in shares of Eaton during the 4th quarter valued at about $37,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Down 0.4%

NYSE ETN opened at $329.39 on Thursday. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The stock has a market capitalization of $128.89 billion, a PE ratio of 34.67, a PEG ratio of 2.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The business’s 50-day moving average is $285.45 and its 200 day moving average is $319.94.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the company earned $2.40 EPS. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Sell-side analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.26%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Analyst Ratings Changes

A number of analysts recently weighed in on ETN shares. Evercore ISI dropped their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Citigroup boosted their price objective on shares of Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a report on Monday, May 5th. StockNews.com cut shares of Eaton from a “buy” rating to a “hold” rating in a research note on Saturday, May 10th. JPMorgan Chase & Co. increased their target price on shares of Eaton from $289.00 to $300.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $355.00 price target on shares of Eaton in a research note on Monday, May 5th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $361.13.

Insider Buying and Selling at Eaton

In other Eaton 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 value of $629,364.40. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 103,486 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider now owns 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. In the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by corporate insiders.

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.