Sycomore Asset Management Acquires 10,324 Shares of Eaton Co. plc (NYSE:ETN)

Sycomore Asset Management boosted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 47.9% during the fourth quarter, HoldingsChannel reports. The fund owned 31,866 shares of the industrial products company’s stock after purchasing an additional 10,324 shares during the quarter. Eaton comprises 1.7% of Sycomore Asset Management’s holdings, making the stock its 21st largest position. Sycomore Asset Management’s holdings in Eaton were worth $7,674,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. boosted its stake in shares of Eaton by 2.1% in the 4th quarter. Atria Wealth Solutions Inc. now owns 13,100 shares of the industrial products company’s stock valued at $3,155,000 after purchasing an additional 275 shares during the last quarter. Bfsg LLC bought a new stake in shares of Eaton in the 4th quarter valued at $72,000. Harvest Fund Management Co. Ltd boosted its stake in shares of Eaton by 41.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,693 shares of the industrial products company’s stock valued at $408,000 after purchasing an additional 499 shares during the last quarter. Schnieders Capital Management LLC bought a new stake in shares of Eaton in the 4th quarter valued at $225,000. Finally, Arbor Wealth Advisors LLC bought a new position in Eaton during the fourth quarter worth $302,000. 82.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now directly owns 630 shares of the company’s stock, valued at approximately $171,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Denk sold 1,731 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock worth $10,904,774 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Eaton Stock Performance

NYSE ETN traded up $6.09 during trading hours on Wednesday, reaching $318.93. 3,550,094 shares of the company were exchanged, compared to its average volume of 1,943,615. Eaton Co. plc has a 1 year low of $161.12 and a 1 year high of $331.47. The business’s 50 day simple moving average is $303.06 and its 200-day simple moving average is $257.09. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $127.41 billion, a P/E ratio of 39.77, a P/E/G ratio of 2.55 and a beta of 1.07.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The business had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter last year, the company posted $2.06 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts expect that Eaton Co. plc will post 10.28 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. Eaton’s dividend payout ratio (DPR) is presently 46.88%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. UBS Group increased their target price on shares of Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Bank of America increased their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Finally, Citigroup raised their price objective 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 analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $295.60.

About Eaton

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.