RNC Capital Management LLC Acquires 445 Shares of Eaton Co. plc (NYSE:ETN)

RNC Capital Management LLC grew its holdings in Eaton Co. plc (NYSE:ETN) by 1.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,307 shares of the industrial products company’s stock after acquiring an additional 445 shares during the quarter. RNC Capital Management LLC’s holdings in Eaton were worth $10,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. RB Capital Management LLC raised its stake in shares of Eaton by 3.5% in the first quarter. RB Capital Management LLC now owns 2,759 shares of the industrial products company’s stock valued at $419,000 after purchasing an additional 94 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Eaton by 74.8% in the first quarter. Canada Pension Plan Investment Board now owns 101,412 shares of the industrial products company’s stock valued at $15,390,000 after purchasing an additional 43,381 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of Eaton by 0.6% in the first quarter. Baird Financial Group Inc. now owns 374,204 shares of the industrial products company’s stock valued at $56,790,000 after purchasing an additional 2,057 shares in the last quarter. Mather Group LLC. raised its stake in shares of Eaton by 9.1% in the first quarter. Mather Group LLC. now owns 2,682 shares of the industrial products company’s stock valued at $407,000 after purchasing an additional 223 shares in the last quarter. Finally, Ergoteles LLC acquired a new position in shares of Eaton in the first quarter valued at $1,188,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

Shares of NYSE:ETN opened at $314.63 on Thursday. Eaton Co. plc has a twelve month low of $155.38 and a twelve month high of $317.02. The firm has a market cap of $125.69 billion, a PE ratio of 39.23, a price-to-earnings-growth ratio of 2.59 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. The business has a fifty day moving average of $278.80 and a 200-day moving average of $242.64.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $2.06 earnings per share. On average, equities research analysts predict that Eaton Co. plc will post 10.25 EPS for the current fiscal year.

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Monday, March 11th will be issued a $0.94 dividend. This is a boost from Eaton’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Friday, March 8th. This represents a $3.76 annualized dividend and a yield of 1.20%. Eaton’s dividend payout ratio (DPR) is currently 46.88%.

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, 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. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on ETN shares. Citigroup upped their target price on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. The Goldman Sachs Group increased their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Royal Bank of Canada increased their price objective on Eaton from $246.00 to $286.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 14th. Bank of America increased their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, UBS Group increased their price objective on Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $274.20.

About Eaton

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.