Nkcfo LLC Increases Stake in Eaton Co. plc (NYSE:ETN)

Nkcfo LLC grew its position in Eaton Co. plc (NYSE:ETN) by 100.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,400 shares of the industrial products company’s stock after buying an additional 1,700 shares during the period. Eaton makes up about 0.4% of Nkcfo LLC’s investment portfolio, making the stock its 26th largest holding. Nkcfo LLC’s holdings in Eaton were worth $819,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cambridge Financial Group Inc. bought a new position in shares of Eaton during the fourth quarter valued at $6,338,000. Connecticut Wealth Management LLC purchased a new stake in shares of Eaton during the 4th quarter valued at about $313,000. Avidian Wealth Solutions LLC grew its stake in shares of Eaton by 7.5% in the fourth quarter. Avidian Wealth Solutions LLC now owns 4,579 shares of the industrial products company’s stock worth $1,103,000 after acquiring an additional 321 shares during the period. National Bank of Canada FI raised its holdings in shares of Eaton by 47.3% during the fourth quarter. National Bank of Canada FI now owns 229,992 shares of the industrial products company’s stock valued at $54,944,000 after purchasing an additional 73,827 shares during the last quarter. Finally, TCG Advisory Services LLC lifted its position in Eaton by 66.4% during the fourth quarter. TCG Advisory Services LLC now owns 1,749 shares of the industrial products company’s stock valued at $421,000 after purchasing an additional 698 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were 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 in the company, valued at approximately $171,360. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock worth $10,904,774 over the last 90 days. 0.53% of the stock is owned by insiders.

Eaton Price Performance

Shares of NYSE:ETN traded up $6.15 during midday trading on Friday, reaching $320.50. 1,769,790 shares of the company were exchanged, compared to its average volume of 2,741,837. The stock has a market cap of $128.14 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The business’s fifty day moving average is $308.68 and its two-hundred day moving average is $262.71. Eaton Co. plc has a one year low of $165.24 and a one year high of $333.05. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. The business’s revenue was up 8.4% on a year-over-year basis. As a group, analysts predict that Eaton Co. plc will post 10.45 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed 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. This represents a $3.76 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Royal Bank of Canada raised 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. JPMorgan Chase & Co. boosted their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday. HSBC increased their price objective on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Citigroup boosted their target price 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 analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.