Kirtland Hills Capital Management LLC Takes Position in Eaton Co. plc (NYSE:ETN)

Kirtland Hills Capital Management LLC acquired a new stake in Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 782 shares of the industrial products company’s stock, valued at approximately $259,000.

Other hedge funds also recently modified their holdings of the company. Breakwater Investment Management grew its holdings in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new position in shares of Eaton in the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the second quarter worth about $33,000. West Financial Advisors LLC bought a new position in Eaton during the third quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton during the second quarter worth about $37,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 1.6 %

Shares of ETN opened at $363.66 on Wednesday. Eaton Co. plc has a one year low of $224.52 and a one year high of $373.49. The company has a market cap of $143.72 billion, a P/E ratio of 38.69, a P/E/G ratio of 2.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $338.69 and a two-hundred day simple moving average of $322.04.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 earnings per share. Research analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.03%. Eaton’s payout ratio is presently 40.00%.

Insiders Place Their Bets

In related news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares of the company’s stock, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ETN shares. Barclays reduced their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Bank of America boosted their price objective on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Mizuho boosted their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

About Eaton

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.