Scharf Investments LLC Increases Stock Position in Eaton Co. plc (NYSE:ETN)

Scharf Investments LLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 6.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,024 shares of the industrial products company’s stock after purchasing an additional 178 shares during the period. Scharf Investments LLC’s holdings in Eaton were worth $948,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton during the fourth quarter valued at $25,000. J.W. Cole Advisors Inc. boosted its position in shares of Eaton by 5.6% during the fourth quarter. J.W. Cole Advisors Inc. now owns 1,741 shares of the industrial products company’s stock valued at $419,000 after buying an additional 93 shares during the last quarter. abrdn plc boosted its position in shares of Eaton by 47.6% during the fourth quarter. abrdn plc now owns 173,886 shares of the industrial products company’s stock valued at $41,875,000 after buying an additional 56,065 shares during the last quarter. CWM LLC boosted its position in shares of Eaton by 2.3% during the fourth quarter. CWM LLC now owns 12,528 shares of the industrial products company’s stock valued at $3,017,000 after buying an additional 278 shares during the last quarter. Finally, Cetera Trust Company N.A purchased a new stake in shares of Eaton during the fourth quarter valued at $168,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday. Argus increased their target price on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Mizuho reissued a “buy” rating and issued a $355.00 target price (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, Royal Bank of Canada lowered their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $328.00.

Eaton Stock Performance

Shares of NYSE ETN traded down $2.00 during trading on Thursday, hitting $297.69. The company had a trading volume of 2,035,742 shares, compared to its average volume of 2,174,669. The stock has a 50 day simple moving average of $308.07 and a 200 day simple moving average of $309.31. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The firm has a market capitalization of $119.02 billion, a P/E ratio of 35.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

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.