InTrack Investment Management Inc Acquires New Position in Eaton Co. plc (NYSE:ETN)

InTrack Investment Management Inc acquired a new stake in Eaton Co. plc (NYSE:ETN) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,412 shares of the industrial products company’s stock, valued at approximately $1,462,000. Eaton comprises about 1.0% of InTrack Investment Management Inc’s portfolio, making the stock its 28th biggest holding.

A number of other hedge funds have also added to or reduced their stakes in ETN. Strategic Wealth Partners Ltd. boosted its position in Eaton by 3.0% in the third quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock valued at $340,000 after buying an additional 30 shares in the last quarter. Legacy Capital Group California Inc. boosted its position in Eaton by 1.2% in the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after buying an additional 32 shares in the last quarter. Well Done LLC boosted its position in Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock valued at $800,000 after buying an additional 33 shares in the last quarter. J.W. Cole Advisors Inc. boosted its position in Eaton by 1.7% in the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock valued at $644,000 after buying an additional 35 shares in the last quarter. Finally, Front Row Advisors LLC boosted its position in Eaton by 0.4% in the second quarter. Front Row Advisors LLC now owns 7,842 shares of the industrial products company’s stock valued at $2,459,000 after buying an additional 35 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

Shares of ETN opened at $341.39 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $135.91 billion, a P/E ratio of 37.56, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. The firm’s fifty day simple moving average is $307.72 and its two-hundred day simple moving average is $315.60. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, analysts predict that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.10%. Eaton’s dividend payout ratio is currently 41.36%.

Insider Activity

In related news, Director Karenann K. Terrell acquired 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, Director Karenann K. Terrell bought 500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ETN. Royal Bank of Canada cut their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Raymond James cut their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Wells Fargo & Company lifted their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $339.47.

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.