Eaton Co. plc (NYSE:ETN) Shares Bought by Choreo LLC

Choreo LLC increased its stake in Eaton Co. plc (NYSE:ETN) by 95.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,873 shares of the industrial products company’s stock after acquiring an additional 1,893 shares during the quarter. Choreo LLC’s holdings in Eaton were worth $933,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ritholtz Wealth Management grew its holdings in Eaton by 5.1% in the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after buying an additional 277 shares in the last quarter. Pacer Advisors Inc. grew its stake in Eaton by 30.5% during the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares in the last quarter. Chicago Capital LLC acquired a new stake in Eaton in the 4th quarter valued at about $2,958,000. Neo Ivy Capital Management acquired a new position in shares of Eaton during the third quarter worth about $479,000. Finally, Patriot Financial Group Insurance Agency LLC increased its stake in shares of Eaton by 13.6% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 1,458 shares of the industrial products company’s stock worth $351,000 after buying an additional 174 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is currently owned by insiders.

Eaton Stock Performance

Shares of ETN stock opened at $312.03 on Thursday. Eaton Co. plc has a 1 year low of $165.24 and a 1 year high of $333.05. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. The stock has a fifty day moving average price of $307.35 and a 200 day moving average price of $260.80. The stock has a market cap of $124.66 billion, a PE ratio of 38.91, a P/E/G ratio of 2.71 and a beta of 1.07.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.88 EPS. Sell-side analysts forecast that Eaton Co. plc will post 10.28 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.21%. Eaton’s payout ratio is currently 46.88%.

Analyst Ratings Changes

A number of research firms have weighed in on ETN. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Mizuho reissued a “buy” rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a research report on Wednesday. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $286.00 to $371.00 in a report on Friday, April 5th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 target price on shares of Eaton in a research note on Monday, April 8th. Finally, Citigroup lifted their price objective 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $302.93.

Eaton 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.