Red Cedar Investment Management LLC Purchases 3,033 Shares of Eaton Co. plc (NYSE:ETN)

Red Cedar Investment Management LLC boosted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 14.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,761 shares of the industrial products company’s stock after buying an additional 3,033 shares during the period. Eaton makes up about 0.9% of Red Cedar Investment Management LLC’s holdings, making the stock its 17th largest holding. Red Cedar Investment Management LLC’s holdings in Eaton were worth $5,963,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. FMR LLC raised its stake in shares of Eaton by 36.0% during the third quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after acquiring an additional 5,270,331 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Eaton in the 3rd quarter worth $340,500,000. Deutsche Bank AG lifted its stake in Eaton by 97.5% in the third quarter. Deutsche Bank AG now owns 1,860,312 shares of the industrial products company’s stock worth $396,767,000 after purchasing an additional 918,422 shares during the last quarter. Artisan Partners Limited Partnership purchased a new stake in Eaton during the third quarter valued at about $67,305,000. Finally, International Assets Investment Management LLC grew its stake in shares of Eaton by 21,664.8% during the fourth quarter. International Assets Investment Management LLC now owns 316,242 shares of the industrial products company’s stock valued at $76,157,000 after buying an additional 314,789 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now directly owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Eaton news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction 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 directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 630 shares in the company, valued at $171,360. The disclosure for this sale can be found here. Insiders sold a total of 38,969 shares of company stock worth $10,904,774 in the last three months. Insiders own 0.53% of the company’s stock.

Eaton Stock Up 2.0 %

ETN stock traded up $6.15 on Friday, reaching $320.50. 1,769,790 shares of the company traded hands, compared to its average volume of 2,741,837. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02. The firm has a fifty day simple moving average of $308.68 and a 200-day simple moving average of $261.94. Eaton Co. plc has a one year low of $165.24 and a one year high of $333.05. The company has a market cap of $128.14 billion, a P/E ratio of 37.84, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its quarterly earnings results 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. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm earned $1.88 EPS. Eaton’s quarterly revenue was up 8.4% compared to the same quarter last year. Research analysts anticipate that Eaton Co. plc will post 10.45 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $286.00 to $371.00 in a report on Friday, April 5th. UBS Group lifted their target price on shares of Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Argus upped their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday. Berenberg Bank boosted their price objective on shares of Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Finally, Citigroup upped their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

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.