Scissortail Wealth Management LLC Purchases New Position in Eaton Co. plc (NYSE:ETN)

Scissortail Wealth Management LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 31,179 shares of the industrial products company’s stock, valued at approximately $7,755,000. Eaton comprises about 2.5% of Scissortail Wealth Management LLC’s investment portfolio, making the stock its 9th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in ETN. Tennessee Valley Asset Management Partners acquired a new stake in Eaton during the 4th quarter worth approximately $25,000. PCA Investment Advisory Services Inc. acquired a new position in shares of Eaton in the 2nd quarter worth approximately $27,000. Valued Wealth Advisors LLC acquired a new position in shares of Eaton in the 4th quarter worth approximately $35,000. Chilton Capital Management LLC acquired a new position in shares of Eaton in the 4th quarter worth approximately $35,000. Finally, Global Trust Asset Management LLC acquired a new position in shares of Eaton in the 3rd quarter worth approximately $32,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Up 0.0 %

ETN stock traded up $0.07 during midday trading on Tuesday, reaching $315.35. 1,547,273 shares of the company’s stock traded hands, compared to its average volume of 1,888,934. Eaton Co. plc has a 52 week low of $161.12 and a 52 week high of $331.47. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The company has a market cap of $125.98 billion, a price-to-earnings ratio of 39.58, a P/E/G ratio of 2.65 and a beta of 1.07. The firm’s fifty day moving average price is $297.85 and its 200-day moving average price is $252.41.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the prior year, the business posted $2.06 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were issued a $0.94 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Friday, March 8th. Eaton’s payout ratio is 46.88%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ETN. Mizuho boosted their price target on shares of Eaton from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Citigroup boosted their price target on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. The Goldman Sachs Group boosted their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Bank of America lifted their price objective on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $295.60.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the sale, the insider now directly owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.33% of the stock is owned by insiders.

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.