Stonebrook Private Inc. Purchases New Shares in Eaton Co. plc (NYSE:ETN)

Stonebrook Private Inc. acquired a new stake in Eaton Co. plc (NYSE:ETN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 18,267 shares of the industrial products company’s stock, valued at approximately $4,399,000. Eaton comprises 1.5% of Stonebrook Private Inc.’s investment portfolio, making the stock its 17th largest position.

A number of other large investors have also bought and sold shares of ETN. FMR LLC lifted its stake in Eaton by 36.0% in the third quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after acquiring an additional 5,270,331 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Eaton in the 3rd quarter valued at approximately $340,500,000. Deutsche Bank AG boosted its position in shares of Eaton by 97.5% in the 3rd quarter. Deutsche Bank AG now owns 1,860,312 shares of the industrial products company’s stock worth $396,767,000 after purchasing an additional 918,422 shares in the last quarter. Artisan Partners Limited Partnership bought a new stake in shares of Eaton in the third quarter worth approximately $67,305,000. Finally, International Assets Investment Management LLC raised its stake in Eaton by 21,664.8% during the 4th quarter. International Assets Investment Management LLC now owns 316,242 shares of the industrial products company’s stock valued at $76,157,000 after buying an additional 314,789 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. Bank of America lifted their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. UBS Group boosted their price target on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Evercore ISI increased their price objective on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $295.60.

Eaton Price Performance

Eaton stock traded up $7.20 during mid-day trading on Friday, hitting $324.30. The stock had a trading volume of 2,305,692 shares, compared to its average volume of 2,383,996. The firm’s 50 day moving average is $304.82 and its 200 day moving average is $258.60. Eaton Co. plc has a one year low of $162.04 and a one year high of $331.47. The firm has a market capitalization of $129.56 billion, a P/E ratio of 40.44, a P/E/G ratio of 2.69 and a beta of 1.07. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43.

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 the consensus estimate of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter last year, the company earned $2.06 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts forecast that Eaton Co. plc will post 10.28 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s payout ratio is currently 46.88%.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,969 shares of company stock worth $10,904,774. Corporate insiders own 0.53% 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.