New England Research & Management Inc. Grows Stake in Eaton Co. plc (NYSE:ETN)

New England Research & Management Inc. lifted its position in Eaton Co. plc (NYSE:ETN) by 61.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,944 shares of the industrial products company’s stock after buying an additional 1,875 shares during the period. New England Research & Management Inc.’s holdings in Eaton were worth $1,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ETN. Norges Bank purchased a new position in shares of Eaton in the 4th quarter worth $1,495,582,000. GAMMA Investing LLC lifted its position in Eaton by 27,281.9% during the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock valued at $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new position in Eaton during the fourth quarter valued at $523,541,000. Proficio Capital Partners LLC lifted its position in Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock valued at $243,036,000 after purchasing an additional 730,594 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new position in Eaton during the fourth quarter valued at $231,552,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Down 2.1%

Shares of ETN stock opened at $323.26 on Friday. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average price is $304.79 and its 200-day moving average price is $315.02. The stock has a market capitalization of $126.49 billion, a price-to-earnings ratio of 34.03, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16.

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

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.29%. Eaton’s payout ratio is currently 41.98%.

Wall Street Analyst Weigh In

ETN has been the topic of several analyst reports. Citigroup lifted their target price on Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research report on Monday, May 5th. KeyCorp lifted their target price on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Evercore ISI lifted their target price on Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research report on Monday, May 19th. Royal Bank of Canada lifted their target price on Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. Finally, Jefferies Financial Group decreased their price target on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $368.78.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 over the last ninety days. 0.30% of the stock is owned by insiders.

Eaton 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.