Cloverfields Capital Group LP Invests $711,000 in Eaton Co. plc (NYSE:ETN)

Cloverfields Capital Group LP purchased a new position in Eaton Co. plc (NYSE:ETNFree Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,953 shares of the industrial products company’s stock, valued at approximately $711,000.

A number of other institutional investors also recently made changes to their positions in the stock. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton in the fourth quarter valued at $25,000. Clear Investment Research LLC purchased a new stake in Eaton during the fourth quarter valued at about $29,000. Valued Wealth Advisors LLC purchased a new stake in Eaton during the fourth quarter valued at about $35,000. Chilton Capital Management LLC purchased a new stake in Eaton during the fourth quarter valued at about $35,000. Finally, Frazier Financial Advisors LLC purchased a new stake in Eaton during the fourth quarter valued at about $41,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction 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 transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Peter Denk sold 2,416 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $286.00 to $371.00 in a research report on Friday, April 5th. Berenberg Bank upped their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. The Goldman Sachs Group upped their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Barclays raised 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. Finally, Evercore ISI upped their target price on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $314.27.

Read Our Latest Report on ETN

Eaton Stock Performance

Shares of Eaton stock traded down $1.35 on Friday, reaching $332.85. 3,838,003 shares of the company were exchanged, compared to its average volume of 1,522,158. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company’s 50-day moving average is $323.00 and its two-hundred day moving average is $279.77. The firm has a market cap of $133.07 billion, a price-to-earnings ratio of 39.30, a P/E/G ratio of 2.78 and a beta of 1.06. Eaton Co. plc has a 1-year low of $175.29 and a 1-year high of $345.19.

Eaton (NYSE:ETNGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.88 EPS. As a group, research analysts expect that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is 44.39%.

Eaton Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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