Saxon Interests Inc. Buys 206 Shares of Eaton Co. plc (NYSE:ETN)

Saxon Interests Inc. lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,315 shares of the industrial products company’s stock after purchasing an additional 206 shares during the period. Saxon Interests Inc.’s holdings in Eaton were worth $1,662,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Mutual Advisors LLC boosted its position in shares of Eaton by 3.1% in the third quarter. Mutual Advisors LLC now owns 2,358 shares of the industrial products company’s stock valued at $503,000 after acquiring an additional 71 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Eaton during the 3rd quarter valued at about $4,814,000. Schonfeld Strategic Advisors LLC bought a new stake in Eaton in the 3rd quarter worth approximately $2,720,000. Jones Financial Companies Lllp boosted its stake in Eaton by 322.9% in the third quarter. Jones Financial Companies Lllp now owns 351 shares of the industrial products company’s stock worth $75,000 after buying an additional 268 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Eaton by 47.7% during the third quarter. AQR Capital Management LLC now owns 200,225 shares of the industrial products company’s stock valued at $42,704,000 after acquiring an additional 64,685 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ETN. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Raymond James started coverage on shares of Eaton in a research note on Friday. They issued an “outperform” rating and a $375.00 target price on the stock. Mizuho reissued a “buy” rating and issued a $355.00 price target (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, HSBC boosted their price target on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Stock Up 0.3 %

Eaton stock traded up $0.91 during mid-day trading on Tuesday, hitting $313.28. The company had a trading volume of 1,933,172 shares, compared to its average volume of 2,027,908. Eaton Co. plc has a 12 month low of $191.82 and a 12 month 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. The stock’s 50 day moving average price is $325.44 and its two-hundred day moving average price is $293.64. The company has a market capitalization of $125.25 billion, a PE ratio of 36.77, a price-to-earnings-growth ratio of 2.64 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. Eaton’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.88 EPS. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.

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.