Chatham Capital Group Inc. Makes New $203,000 Investment in Eaton Co. plc (NYSE:ETN)

Chatham Capital Group Inc. acquired a new position in shares of Eaton Co. plc (NYSE:ETN) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 650 shares of the industrial products company’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after purchasing an additional 259,615 shares in the last quarter. Norges Bank acquired a new position in shares of Eaton during the fourth quarter worth about $1,087,983,000. Coatue Management LLC lifted its stake in shares of Eaton by 5.2% during the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares in the last quarter. Raymond James & Associates increased its position in shares of Eaton by 3.8% during the fourth quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock worth $900,600,000 after acquiring an additional 138,465 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Eaton by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock worth $520,998,000 after acquiring an additional 27,386 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Down 0.1 %

NYSE:ETN opened at $313.55 on Monday. The firm has a market capitalization of $125.36 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 2.64 and a beta of 1.02. The stock has a 50 day moving average of $325.35 and a 200-day moving average of $293.12. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.28 by $0.12. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.88 earnings per share. Analysts predict that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. Eaton’s dividend payout ratio is presently 44.39%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Bank of America lifted their target price on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Raymond James assumed coverage on Eaton in a research report on Friday. They set an “outperform” rating and a $375.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $318.06.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.33% 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.