Bridges Investment Management Inc. Has $9.62 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Bridges Investment Management Inc. lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 163.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,693 shares of the industrial products company’s stock after purchasing an additional 19,043 shares during the quarter. Bridges Investment Management Inc.’s holdings in Eaton were worth $9,624,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Joseph Group Capital Management grew its holdings in shares of Eaton by 7.6% during the 2nd quarter. Joseph Group Capital Management now owns 10,067 shares of the industrial products company’s stock worth $3,157,000 after purchasing an additional 713 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Eaton by 1.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,045 shares of the industrial products company’s stock valued at $3,150,000 after buying an additional 116 shares in the last quarter. Ieq Capital LLC boosted its stake in Eaton by 14.7% in the second quarter. Ieq Capital LLC now owns 27,717 shares of the industrial products company’s stock valued at $8,690,000 after buying an additional 3,548 shares in the last quarter. Intech Investment Management LLC boosted its stake in Eaton by 9.2% in the second quarter. Intech Investment Management LLC now owns 30,985 shares of the industrial products company’s stock valued at $9,715,000 after buying an additional 2,611 shares in the last quarter. Finally, Bright Financial Advisors Inc. acquired a new stake in Eaton in the second quarter valued at about $3,745,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Price Performance

Shares of ETN opened at $328.92 on Friday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The company has a market capitalization of $131.50 billion, a price-to-earnings ratio of 38.83, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The business has a 50-day moving average of $299.93 and a 200-day moving average of $312.22.

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

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. Eaton’s payout ratio is currently 44.39%.

Insiders Place Their Bets

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was 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 directly owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of 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 is available at this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on 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 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 three months, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Wells Fargo & Company dropped their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Finally, Evercore ISI dropped their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.41.

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.