Miracle Mile Advisors LLC Raises Holdings in Eaton Co. plc (NYSE:ETN)

Miracle Mile Advisors LLC grew its position in shares of Eaton Co. plc (NYSE:ETN) by 14.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,569 shares of the industrial products company’s stock after acquiring an additional 816 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Eaton were worth $2,180,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. J.W. Cole Advisors Inc. raised its position in Eaton by 1.7% in the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock valued at $644,000 after purchasing an additional 35 shares during the period. Lyell Wealth Management LP raised its holdings in shares of Eaton by 6.8% during the 2nd quarter. Lyell Wealth Management LP now owns 1,107 shares of the industrial products company’s stock valued at $347,000 after buying an additional 70 shares during the period. Rathbones Group PLC lifted its position in Eaton by 13.8% during the 2nd quarter. Rathbones Group PLC now owns 30,071 shares of the industrial products company’s stock worth $9,429,000 after acquiring an additional 3,654 shares in the last quarter. Fairfield Financial Advisors LTD acquired a new stake in Eaton in the second quarter valued at approximately $58,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Eaton during the second quarter valued at approximately $9,911,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

Shares of ETN opened at $340.60 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a 1 year low of $236.04 and a 1 year high of $379.99. The firm has a fifty day moving average of $355.33 and a 200-day moving average of $329.15. The company has a market cap of $134.61 billion, a price-to-earnings ratio of 36.23, a price-to-earnings-growth ratio of 2.70 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during 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%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.47 EPS. As a group, equities analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.10%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Analysts Set New Price Targets

ETN has been the subject of a number of recent analyst reports. UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Sanford C. Bernstein began coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price on the stock. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Bank of America lifted 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, Barclays raised their price target on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus price target of $367.61.

Eaton Company 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.