Red Door Wealth Management LLC Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

Red Door Wealth Management LLC raised its holdings in Eaton Co. plc (NYSE:ETN) by 16.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,205 shares of the industrial products company’s stock after buying an additional 169 shares during the quarter. Red Door Wealth Management LLC’s holdings in Eaton were worth $377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. Mutual Advisors LLC grew its holdings in Eaton by 3.1% in the 3rd quarter. Mutual Advisors LLC now owns 2,358 shares of the industrial products company’s stock valued at $503,000 after buying an additional 71 shares during the period. Mather Group LLC. grew its holdings in shares of Eaton by 12.7% during the 3rd quarter. Mather Group LLC. now owns 3,090 shares of the industrial products company’s stock worth $659,000 after purchasing an additional 347 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Eaton during the 3rd quarter worth about $4,814,000. Toronto Dominion Bank purchased a new stake in shares of Eaton during the 3rd quarter worth about $42,366,000. Finally, Morningstar Investment Services LLC purchased a new stake in shares of Eaton during the 3rd quarter worth about $239,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.53% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ETN shares. Mizuho reiterated a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. JPMorgan Chase & Co. upped their target price on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Argus upped their target price on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, The Goldman Sachs Group upped their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Stock Performance

ETN traded down $0.39 during trading on Friday, reaching $313.55. 2,557,711 shares of the company were exchanged, compared to its average volume of 2,258,211. The stock has a market cap of $125.36 billion, a P/E ratio of 37.02, a PEG ratio of 2.62 and a beta of 1.04. The firm has a 50 day moving average of $325.35 and a 200 day moving average of $292.72. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 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 the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 EPS. On average, sell-side analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

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.