Centric Wealth Management Makes New $192,000 Investment in Eaton Co. plc (NYSE:ETN)

Centric Wealth Management purchased a new stake in Eaton Co. plc (NYSE:ETN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 799 shares of the industrial products company’s stock, valued at approximately $192,000.

A number of other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management boosted its position in shares of Eaton by 5.1% during the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after purchasing an additional 277 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Eaton by 30.5% during the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after acquiring an additional 7,964 shares during the period. Chicago Capital LLC bought a new stake in shares of Eaton in the fourth quarter valued at about $2,958,000. Neo Ivy Capital Management acquired a new position in Eaton during the 3rd quarter worth approximately $479,000. Finally, Adell Harriman & Carpenter Inc. grew its position in Eaton by 10.8% in the fourth quarter. Adell Harriman & Carpenter Inc. now owns 43,984 shares of the industrial products company’s stock valued at $10,592,000 after purchasing an additional 4,287 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on ETN shares. Mizuho reiterated a “buy” rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Evercore ISI upped their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Finally, HSBC boosted their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Eaton Stock Performance

NYSE ETN traded up $0.06 on Tuesday, hitting $327.30. 1,792,924 shares of the stock traded hands, compared to its average volume of 2,025,208. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The business’s fifty day moving average is $310.41 and its two-hundred day moving average is $264.55. Eaton Co. plc has a 12 month low of $165.24 and a 12 month high of $333.05. The firm has a market capitalization of $130.85 billion, a price-to-earnings ratio of 38.64, a PEG ratio of 2.54 and a beta of 1.06.

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

Eaton Announces Dividend

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 1.15%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were 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 directly owns 630 shares of the company’s stock, valued at approximately $171,360. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value 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. Over the last 90 days, insiders sold 38,969 shares of company stock valued at $10,904,774. Corporate insiders own 0.33% of the company’s stock.

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.