NewEdge Advisors LLC Has $29.17 Million Stock Position in Eaton Co. plc (NYSE:ETN)

NewEdge Advisors LLC boosted its position in Eaton Co. plc (NYSE:ETN) by 22.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 93,025 shares of the industrial products company’s stock after acquiring an additional 17,224 shares during the quarter. NewEdge Advisors LLC’s holdings in Eaton were worth $29,168,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital World Investors lifted its holdings in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares in the last quarter. Jennison Associates LLC raised its holdings in Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after buying an additional 1,219,790 shares during the last quarter. Balyasny Asset Management L.P. lifted 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 in the last quarter. Swedbank AB bought a new stake in shares of Eaton during the second quarter worth about $225,974,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after acquiring an additional 634,059 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Eaton

In related news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last quarter. Corporate insiders own 0.53% of the company’s stock.

Eaton Trading Down 1.4 %

Shares of ETN stock opened at $328.45 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The firm has a market cap of $131.31 billion, a P/E ratio of 38.78, a PEG ratio of 2.53 and a beta of 1.01. The company has a 50 day moving average of $301.03 and a 200-day moving average of $313.73. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19.

Eaton (NYSE:ETN) last released its earnings results 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. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Sell-side analysts anticipate that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a dividend of $0.94 per share. 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 dividend payout ratio is presently 44.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Barclays lifted their price target on 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 cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Royal Bank of Canada lowered their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Finally, Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently 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.