Scissortail Wealth Management LLC Invests $7.76 Million in Eaton Co. plc (NYSE:ETN)

Scissortail Wealth Management LLC purchased a new position in shares of Eaton Co. plc (NYSE:ETN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 31,179 shares of the industrial products company’s stock, valued at approximately $7,755,000. Eaton makes up approximately 2.5% of Scissortail Wealth Management LLC’s portfolio, making the stock its 9th biggest position.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Eaton by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 36,336,041 shares of the industrial products company’s stock valued at $7,749,751,000 after acquiring an additional 176,900 shares during the last quarter. FMR LLC grew its stake in shares of Eaton by 36.0% during the 3rd quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock valued at $4,248,960,000 after buying an additional 5,270,331 shares during the period. State Street Corp boosted its position in Eaton by 8.9% during the 1st quarter. State Street Corp now owns 16,538,340 shares of the industrial products company’s stock worth $2,833,676,000 after purchasing an additional 1,358,584 shares during the period. Morgan Stanley boosted its position in Eaton by 26.2% during the 4th quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock worth $1,968,521,000 after purchasing an additional 2,602,246 shares during the period. Finally, Geode Capital Management LLC boosted its position in Eaton by 2.0% during the 1st quarter. Geode Capital Management LLC now owns 7,084,548 shares of the industrial products company’s stock worth $1,210,672,000 after purchasing an additional 136,334 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

ETN has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Mizuho upped their target price on shares of Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Wells Fargo & Company upped their target price on shares of Eaton from $220.00 to $257.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 19th. Evercore ISI upped their target price on shares of Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Citigroup upped their target price on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $295.60.

Insider Activity at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,969 shares of company stock valued at $10,904,774. Insiders own 0.33% of the company’s stock.

Eaton Trading Up 0.0 %

NYSE ETN traded up $0.07 on Tuesday, hitting $315.35. 1,547,273 shares of the stock were exchanged, compared to its average volume of 1,888,934. The company’s 50-day moving average price is $297.85 and its two-hundred day moving average price is $252.41. The company has a market capitalization of $125.98 billion, a price-to-earnings ratio of 39.58, a P/E/G ratio of 2.65 and a beta of 1.07. Eaton Co. plc has a 52-week low of $161.12 and a 52-week high of $331.47. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $2.06 EPS. Research analysts predict that Eaton Co. plc will post 10.25 EPS for the current year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Friday, March 8th. This is a positive change from Eaton’s previous quarterly dividend of $0.86. Eaton’s payout ratio is presently 46.88%.

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.