Miracle Mile Advisors LLC Grows Position in Eaton Co. plc (NYSE:ETN)

Miracle Mile Advisors LLC raised its position in Eaton Co. plc (NYSE:ETN) by 12.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,861 shares of the industrial products company’s stock after buying an additional 528 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Eaton were worth $1,524,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Triad Wealth Partners LLC raised its position in Eaton by 29.9% in the 2nd quarter. Triad Wealth Partners LLC now owns 1,509 shares of the industrial products company’s stock valued at $473,000 after purchasing an additional 347 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after buying an additional 634,059 shares during the period. Fiduciary Financial Group LLC purchased a new position in shares of Eaton during the second quarter worth about $605,000. Swedbank AB acquired a new position in Eaton in the 2nd quarter valued at about $225,974,000. Finally, W.H. Cornerstone Investments Inc. raised its stake in Eaton by 7.5% during the 2nd quarter. W.H. Cornerstone Investments Inc. now owns 1,199 shares of the industrial products company’s stock valued at $376,000 after acquiring an additional 84 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Mizuho reissued a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Jefferies Financial Group raised their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Argus boosted their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Finally, Raymond James started coverage on shares of Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and an average price target of $326.53.

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Eaton Price Performance

ETN traded down $5.78 during trading on Friday, reaching $296.68. 2,768,158 shares of the stock were exchanged, compared to its average volume of 2,188,878. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05. The company has a market capitalization of $118.61 billion, a price-to-earnings ratio of 35.03, a P/E/G ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The business’s 50 day moving average price is $310.21 and its two-hundred day moving average price is $308.20.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.27%. Eaton’s payout ratio is 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.