Axxcess Wealth Management LLC Increases Stake in Eaton Co. plc (NYSE:ETN)

Axxcess Wealth Management LLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 10.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,256 shares of the industrial products company’s stock after buying an additional 309 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Eaton were worth $784,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ETN. J.W. Cole Advisors Inc. acquired a new position in shares of Eaton during the 3rd quarter worth approximately $351,000. Brown Advisory Inc. boosted its stake in Eaton by 5.3% during the third quarter. Brown Advisory Inc. now owns 37,399 shares of the industrial products company’s stock worth $7,977,000 after buying an additional 1,871 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Eaton by 11.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,005,575 shares of the industrial products company’s stock valued at $214,469,000 after buying an additional 99,367 shares in the last quarter. NBT Bank N A NY increased its stake in shares of Eaton by 21.3% in the 3rd quarter. NBT Bank N A NY now owns 12,132 shares of the industrial products company’s stock worth $2,588,000 after acquiring an additional 2,134 shares during the last quarter. Finally, Advisor Partners II LLC raised its holdings in shares of Eaton by 1.9% during the 3rd quarter. Advisor Partners II LLC now owns 20,594 shares of the industrial products company’s stock worth $4,392,000 after acquiring an additional 380 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

Shares of ETN opened at $327.40 on Tuesday. The company has a market cap of $130.89 billion, a P/E ratio of 38.65, a PEG ratio of 2.54 and a beta of 1.06. Eaton Co. plc has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average price is $309.54 and its 200 day moving average price is $263.61.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the prior year, the company earned $1.88 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. On average, research analysts forecast that Eaton Co. plc will post 10.45 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.15%. Eaton’s payout ratio is 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Peter Denk sold 1,731 shares of the business’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 transaction of $500,207.07. Following the completion of the sale, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the transaction, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock valued at $10,904,774 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ETN has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price objective on shares of Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Citigroup lifted 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. HSBC increased their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday. UBS Group lifted their target price on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, JPMorgan Chase & Co. increased their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $314.27.

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.