7,000 Shares in Eaton Co. plc (NYSE:ETN) Acquired by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC purchased a new stake in Eaton Co. plc (NYSE:ETN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 7,000 shares of the industrial products company’s stock, valued at approximately $2,195,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Capital World Investors increased its holdings in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of 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 buying an additional 918,936 shares during the period. Swedbank AB acquired a new position in shares of Eaton in the second quarter valued at approximately $225,974,000. Finally, Assenagon Asset Management S.A. increased its stake in shares of Eaton by 1,604.4% in the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after buying an additional 634,059 shares during the period. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

NYSE:ETN opened at $328.18 on Friday. The business has a 50 day moving average of $300.70 and a 200 day moving average of $313.37. The company has a market capitalization of $130.65 billion, a price-to-earnings ratio of 38.75, a PEG ratio of 2.53 and a beta of 1.01. 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.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, sell-side analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.15%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity

In other news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 52,511 shares of company stock valued at $15,809,326. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ETN. Citigroup began coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Barclays raised their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Finally, Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.