Silver Oak Securities Incorporated Grows Stake in Eaton Co. plc (NYSE:ETN)

Silver Oak Securities Incorporated grew its position in shares of Eaton Co. plc (NYSE:ETN) by 371.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,760 shares of the industrial products company’s stock after purchasing an additional 1,387 shares during the period. Silver Oak Securities Incorporated’s holdings in Eaton were worth $424,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners purchased a new position in Eaton in the fourth quarter worth $25,000. Valued Wealth Advisors LLC purchased a new position in Eaton in the fourth quarter worth $35,000. Chilton Capital Management LLC purchased a new position in Eaton in the fourth quarter worth $35,000. Authentikos Wealth Advisory LLC purchased a new position in Eaton in the third quarter worth $39,000. Finally, Legacy Financial Group LLC purchased a new position in Eaton in the third quarter worth $43,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Peter Denk sold 1,731 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the sale, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the sale, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock worth $10,904,774 over the last 90 days. 0.33% of the stock is currently owned by insiders.

Eaton Price Performance

Shares of ETN opened at $318.36 on Wednesday. The stock has a market cap of $127.18 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 2.69 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. Eaton Co. plc has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The firm’s 50-day simple moving average is $306.65 and its two-hundred day simple moving average is $260.44.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.06 earnings per share. Analysts anticipate that Eaton Co. plc will post 10.28 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s payout ratio is 46.88%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ETN shares. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Citigroup upped their price target on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Mizuho upped their price target on shares of Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Wolfe Research restated an “underperform” rating and set a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. Finally, Bank of America upped their price objective on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $295.60.

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.