Eaton Co. plc (NYSE:ETN) Stake Boosted by Independence Bank of Kentucky

Independence Bank of Kentucky increased its position in shares of Eaton Co. plc (NYSE:ETN) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,143 shares of the industrial products company’s stock after acquiring an additional 151 shares during the period. Independence Bank of Kentucky’s holdings in Eaton were worth $985,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Legacy Capital Group California Inc. lifted its position in shares of Eaton by 1.2% during the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock worth $870,000 after purchasing an additional 32 shares in the last quarter. Well Done LLC lifted its holdings in Eaton by 1.3% during the 2nd quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after buying an additional 33 shares in the last quarter. Verdence Capital Advisors LLC boosted its position in Eaton by 1.7% in the 1st quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after buying an additional 34 shares during the last quarter. Fragasso Group Inc. increased its stake in shares of Eaton by 3.6% in the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock valued at $323,000 after buying an additional 36 shares during the period. Finally, Valley National Advisers Inc. raised its position in shares of Eaton by 5.6% during the first quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock worth $213,000 after acquiring an additional 36 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ETN shares. Argus lifted their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Mizuho restated a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. JPMorgan Chase & Co. lifted their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Finally, HSBC increased their price target on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $328.00.

Insiders Place Their Bets

In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Eaton Stock Up 0.8 %

NYSE ETN traded up $2.31 during trading hours on Friday, reaching $300.00. 1,950,652 shares of the company’s stock were exchanged, compared to its average volume of 2,173,366. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. The company has a market capitalization of $119.94 billion, a price-to-earnings ratio of 35.42, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The company’s 50-day moving average is $307.69 and its two-hundred day moving average is $309.79. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, analysts forecast that Eaton Co. plc will post 10.66 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 44.39%.

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.