HCR Wealth Advisors Invests $320,000 in Eaton Co. plc (NYSE:ETN)

HCR Wealth Advisors purchased a new position in Eaton Co. plc (NYSE:ETN) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,019 shares of the industrial products company’s stock, valued at approximately $320,000.

A number of other hedge funds have also bought and sold shares of ETN. LifeSteps Financial Inc. bought a new stake in shares of Eaton in the 1st quarter valued at approximately $25,000. Atwood & Palmer Inc. boosted its holdings in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the period. Clear Investment Research LLC bought a new stake in Eaton during the fourth quarter valued at $29,000. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton during the second quarter worth $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eaton in the 1st quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ETN has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Raymond James lowered their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday. Wells Fargo & Company dropped their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group upped their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Morgan Stanley initiated coverage on Eaton in a research note on Friday. They issued an “overweight” rating and a $370.00 target price on the stock. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $335.18.

Insider Buying and Selling at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by corporate insiders.

Eaton Price Performance

Shares of Eaton stock opened at $289.38 on Tuesday. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The company’s 50-day moving average price is $302.03 and its two-hundred day moving average price is $311.45. The stock has a market cap of $115.20 billion, a PE ratio of 34.17, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.30%. Eaton’s 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.