Sandbar Asset Management LLP Makes New $1.63 Million Investment in Eaton Co. plc (NYSE:ETN)

Sandbar Asset Management LLP purchased a new position in Eaton Co. plc (NYSE:ETN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,092 shares of the industrial products company’s stock, valued at approximately $1,627,000. Eaton comprises 4.5% of Sandbar Asset Management LLP’s investment portfolio, making the stock its largest position.

Several other institutional investors also recently added to or reduced their stakes in the stock. Capital Investment Advisory Services LLC raised its stake in shares of Eaton by 3.9% in the 2nd quarter. Capital Investment Advisory Services LLC now owns 1,326 shares of the industrial products company’s stock valued at $267,000 after acquiring an additional 50 shares during the period. Strategic Advisors LLC lifted its stake in Eaton by 0.4% during the second quarter. Strategic Advisors LLC now owns 14,249 shares of the industrial products company’s stock worth $2,865,000 after purchasing an additional 51 shares in the last quarter. American National Bank grew its stake in shares of Eaton by 1.8% in the second quarter. American National Bank now owns 2,934 shares of the industrial products company’s stock valued at $590,000 after buying an additional 52 shares in the last quarter. Valmark Advisers Inc. lifted its stake in Eaton by 1.1% during the 2nd quarter. Valmark Advisers Inc. now owns 4,813 shares of the industrial products company’s stock worth $968,000 after acquiring an additional 52 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in Eaton by 0.8% during the 2nd quarter. Parallel Advisors LLC now owns 6,240 shares of the industrial products company’s stock valued at $1,255,000 after acquiring an additional 52 shares during the period. Hedge funds and other institutional investors own 81.02% of the company’s stock.

Eaton Stock Down 0.2 %

ETN stock traded down $0.55 during trading on Tuesday, hitting $226.37. 722,751 shares of the company’s stock were exchanged, compared to its average volume of 2,064,810. The stock has a market capitalization of $90.39 billion, a price-to-earnings ratio of 30.38, a PEG ratio of 2.18 and a beta of 1.07. Eaton Co. plc has a 52-week low of $150.86 and a 52-week high of $240.44. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $212.88 and a two-hundred day moving average price of $205.17.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, October 31st. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.13. Eaton had a net margin of 13.24% and a return on equity of 19.49%. The business had revenue of $5.88 billion during the quarter, compared to analysts’ expectations of $5.89 billion. During the same quarter in the prior year, the business posted $2.02 EPS. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities research analysts expect that Eaton Co. plc will post 9.02 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Monday, November 6th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Friday, November 3rd. Eaton’s dividend payout ratio (DPR) is currently 46.05%.

Insider Activity

In related news, insider Thomas B. Okray sold 4,950 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the completion of the sale, the insider now owns 7,367 shares in the company, valued at approximately $1,702,440.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Thomas B. Okray sold 4,950 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the completion of the sale, the insider now owns 7,367 shares in the company, valued at approximately $1,702,440.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total transaction of $423,664.92. Following the completion of the sale, the insider now directly owns 7,431 shares in the company, valued at approximately $1,684,459.08. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on ETN shares. StockNews.com assumed coverage on shares of Eaton in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Royal Bank of Canada increased their target price on shares of Eaton from $215.00 to $220.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 1st. JPMorgan Chase & Co. upgraded shares of Eaton from a “neutral” rating to an “overweight” rating and set a $230.00 price target for the company in a research note on Friday, October 6th. Wells Fargo & Company reduced their price objective on Eaton from $228.00 to $210.00 in a research note on Monday, October 9th. Finally, Barclays boosted their target price on Eaton from $185.00 to $187.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, Eaton presently has an average rating of “Hold” and an average price target of $219.23.

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.