Thoma Capital Management LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Thoma Capital Management LLC purchased a new position in Eaton Co. plc (NYSE:ETN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,458 shares of the industrial products company’s stock, valued at approximately $816,000. Eaton makes up 0.6% of Thoma Capital Management LLC’s investment portfolio, making the stock its 26th largest holding.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new stake in shares of Eaton during the fourth quarter worth approximately $1,495,582,000. Capital International Investors bought a new stake in Eaton during the 4th quarter worth about $523,541,000. Proficio Capital Partners LLC increased its position in Eaton by 42,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock valued at $243,036,000 after acquiring an additional 730,594 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $231,552,000. Finally, Janus Henderson Group PLC grew its stake in shares of Eaton by 24.3% during the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock valued at $998,144,000 after purchasing an additional 588,370 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Up 2.2%

Shares of ETN opened at $328.10 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99. The firm’s 50 day moving average is $291.87 and its 200-day moving average is $318.50. The stock has a market capitalization of $128.39 billion, a PE ratio of 34.54, a P/E/G ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. Eaton’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 EPS. Equities research analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. Royal Bank of Canada raised their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Barclays dropped their target price on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research report on Friday, April 4th. KeyCorp raised their price target on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Finally, Melius Research reiterated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a report on Tuesday, January 28th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $367.83.

Insider Buying and Selling at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now owns 3,382 shares of the company’s stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares of the company’s stock, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock worth $49,622,894 over the last 90 days. Insiders own 0.30% 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.