Miracle Mile Advisors LLC Purchases 726 Shares of Eaton Co. plc (NYSE:ETN)

Miracle Mile Advisors LLC lifted its position in shares of Eaton Co. plc (NYSE:ETN) by 20.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,333 shares of the industrial products company’s stock after acquiring an additional 726 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Eaton were worth $1,355,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Eaton in the fourth quarter valued at about $1,087,983,000. Balyasny Asset Management L.P. grew its stake in Eaton by 2,006.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after acquiring an additional 918,936 shares during the period. Capital World Investors acquired a new position in Eaton in the fourth quarter valued at about $181,411,000. Artisan Partners Limited Partnership grew its stake in Eaton by 207.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock valued at $233,698,000 after acquiring an additional 654,855 shares during the period. Finally, TD Asset Management Inc grew its stake in Eaton by 19.9% in the fourth quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock valued at $488,815,000 after acquiring an additional 337,351 shares during the period. Institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ETN shares. Berenberg Bank upped their price objective on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Mizuho reaffirmed a “buy” rating and set a $355.00 price objective (up from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. JPMorgan Chase & Co. upped their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. HSBC upped their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Finally, Wolfe Research reissued an “underperform” rating and set a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $318.06.

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.33% of the company’s stock.

Eaton Trading Down 0.4 %

NYSE ETN traded down $1.18 during trading on Monday, hitting $312.37. 1,766,944 shares of the company’s stock traded hands, compared to its average volume of 2,026,481. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The firm has a market cap of $124.89 billion, a P/E ratio of 36.88, a PEG ratio of 2.64 and a beta of 1.02. The stock has a fifty day moving average of $325.35 and a two-hundred day moving average of $293.12. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $1.88 earnings per share. As a group, sell-side analysts expect that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

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

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.