Magnus Financial Group LLC Buys New Stake in Eaton Co. PLC (ETN)

Magnus Financial Group LLC bought a new position in shares of Eaton Co. PLC (NYSE:ETN) during the 1st quarter, HoldingsChannel reports. The firm bought 2,642 shares of the industrial products company’s stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ETN. S&CO Inc. lifted its holdings in shares of Eaton by 2.0% in the first quarter. S&CO Inc. now owns 6,120 shares of the industrial products company’s stock valued at $493,000 after purchasing an additional 120 shares in the last quarter. Cornerstone Advisors Inc. lifted its holdings in shares of Eaton by 11.3% in the first quarter. Cornerstone Advisors Inc. now owns 1,227 shares of the industrial products company’s stock valued at $99,000 after purchasing an additional 125 shares in the last quarter. Orrstown Financial Services Inc. lifted its holdings in shares of Eaton by 1.2% in the first quarter. Orrstown Financial Services Inc. now owns 11,100 shares of the industrial products company’s stock valued at $894,000 after purchasing an additional 129 shares in the last quarter. PagnatoKarp Partners LLC lifted its holdings in shares of Eaton by 2.1% in the first quarter. PagnatoKarp Partners LLC now owns 6,417 shares of the industrial products company’s stock valued at $517,000 after purchasing an additional 130 shares in the last quarter. Finally, Pegasus Asset Management Inc. lifted its holdings in shares of Eaton by 0.4% in the first quarter. Pegasus Asset Management Inc. now owns 30,061 shares of the industrial products company’s stock valued at $2,422,000 after purchasing an additional 132 shares in the last quarter. Institutional investors own 76.78% of the company’s stock.

Shares of ETN opened at $77.39 on Monday. The company has a current ratio of 1.47, a quick ratio of 0.92 and a debt-to-equity ratio of 0.42. The company has a market cap of $32.74 billion, a P/E ratio of 14.36, a PEG ratio of 1.50 and a beta of 1.47. Eaton Co. PLC has a 1 year low of $64.46 and a 1 year high of $89.46.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.38 billion. Eaton had a net margin of 10.06% and a return on equity of 14.56%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 earnings per share. On average, equities analysts predict that Eaton Co. PLC will post 5.89 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 3rd were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Thursday, May 2nd. Eaton’s dividend payout ratio is currently 52.69%.

ETN has been the topic of several recent research reports. Robert W. Baird set a $89.00 price target on shares of Eaton and gave the company a “buy” rating in a report on Saturday, February 2nd. Vertical Research raised shares of Eaton from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. Morgan Stanley set a $82.00 price objective on shares of Eaton and gave the company a “hold” rating in a research note on Saturday, February 2nd. Bank of America downgraded shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a research note on Thursday, April 4th. Finally, Wells Fargo & Co upped their price objective on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $86.79.

In other Eaton news, insider Joao V. Faria sold 4,301 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total transaction of $344,080.00. Following the transaction, the insider now owns 58,688 shares of the company’s stock, valued at $4,695,040. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 7,167 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $81.25, for a total transaction of $582,318.75. Following the transaction, the insider now directly owns 26,344 shares in the company, valued at approximately $2,140,450. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,890 shares of company stock worth $2,809,633. 0.70% of the stock is currently owned by insiders.

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Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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