National Bank of Canada FI Acquires 73,827 Shares of Eaton Co. plc (NYSE:ETN)

National Bank of Canada FI boosted its holdings in Eaton Co. plc (NYSE:ETN) by 47.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 229,992 shares of the industrial products company’s stock after purchasing an additional 73,827 shares during the period. National Bank of Canada FI’s holdings in Eaton were worth $54,944,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners purchased a new stake in Eaton in the fourth quarter worth $25,000. Valued Wealth Advisors LLC purchased a new position in Eaton during the 4th quarter valued at about $35,000. Chilton Capital Management LLC purchased a new stake in Eaton in the fourth quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Eaton during the third quarter valued at approximately $39,000. Finally, Fortitude Family Office LLC bought a new stake in shares of Eaton in the 4th quarter worth approximately $46,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of ETN stock traded up $6.15 during trading hours on Friday, reaching $320.50. 1,769,790 shares of the company traded hands, compared to its average volume of 2,741,837. Eaton Co. plc has a 12-month low of $165.24 and a 12-month high of $333.05. The company has a market cap of $128.14 billion, a P/E ratio of 37.84, a P/E/G ratio of 2.54 and a beta of 1.06. The firm has a 50-day moving average price of $308.68 and a 200 day moving average price of $262.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02.

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

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued 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 yield of 1.17%. Eaton’s payout ratio is 44.39%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday. UBS Group increased their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. HSBC upped their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday. Berenberg Bank boosted their price target on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, The Goldman Sachs Group increased their price objective on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One equities research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $314.27.

Insiders Place Their Bets

In other news, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction that occurred 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 completion of the sale, the insider now 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 accessible through this hyperlink. In other news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction that occurred 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 $171,360. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock worth $10,904,774 in the last three months. Corporate insiders own 0.53% of the company’s stock.

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.