Morse Asset Management Inc Invests $270,000 in Eaton Co. plc (NYSE:ETN)

Morse Asset Management Inc purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 865 shares of the industrial products company’s stock, valued at approximately $270,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton in the fourth quarter valued at approximately $25,000. LifeSteps Financial Inc. bought a new position in Eaton in the 1st quarter valued at $25,000. Atwood & Palmer Inc. grew its position in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares in the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton in the fourth quarter worth $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton in the first quarter worth $33,000. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 2,416 shares of Eaton 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 sale, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ETN shares. HSBC boosted their target price on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Barclays lifted their target price on shares of Eaton from $316.00 to $318.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Raymond James started coverage on shares of Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price objective on the stock. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $323.06.

Eaton Trading Down 0.2 %

ETN stock traded down $0.52 during midday trading on Monday, hitting $297.27. The company had a trading volume of 1,194,949 shares, compared to its average volume of 2,059,992. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The stock has a market cap of $118.85 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 2.49 and a beta of 1.02. The stock’s 50 day moving average price is $322.30 and its 200 day moving average price is $304.13.

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

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.26%. 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.