Eaton Co. plc (NYSE:ETN) Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 4.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 393,020 shares of the industrial products company’s stock after buying an additional 18,204 shares during the period. Hsbc Holdings PLC owned about 0.10% of Eaton worth $123,596,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ETN. LifeSteps Financial Inc. purchased a new stake in shares of Eaton during the first quarter valued at approximately $25,000. Breakwater Investment Management raised its stake in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Atwood & Palmer Inc. raised its stake in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the period. Clear Investment Research LLC purchased a new stake in shares of Eaton during the fourth quarter valued at approximately $29,000. Finally, Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the second quarter valued at approximately $29,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of ETN opened at $314.65 on Thursday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a market cap of $125.80 billion, a price-to-earnings ratio of 37.15, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The firm has a fifty day moving average of $299.93 and a 200-day moving average of $312.10.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. As a group, equities analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ETN. Barclays lifted their price objective on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Raymond James dropped their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Evercore ISI dropped their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $337.41.

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.