Newbridge Financial Services Group Inc. Acquires 622 Shares of Eaton Co. plc (NYSE:ETN)

Newbridge Financial Services Group Inc. increased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 90.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,311 shares of the industrial products company’s stock after acquiring an additional 622 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Eaton were worth $411,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ETN. SS&H Financial Advisors Inc. acquired a new position in shares of Eaton during the 2nd quarter worth about $419,000. Heritage Wealth Management Inc. acquired a new position in shares of Eaton during the 2nd quarter worth approximately $3,263,000. Sanctuary Advisors LLC bought a new position in shares of Eaton in the second quarter valued at $27,653,000. Gordian Capital Singapore Pte Ltd acquired a new position in Eaton during the second quarter worth $182,000. Finally, Dana Investment Advisors Inc. raised its position in Eaton by 1.4% during the second quarter. Dana Investment Advisors Inc. now owns 23,461 shares of the industrial products company’s stock worth $7,356,000 after acquiring an additional 334 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ETN shares. Evercore ISI dropped their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Citigroup started coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Morgan Stanley assumed coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $337.41.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last three months. Insiders own 0.53% of the company’s stock.

Eaton Price Performance

Eaton stock opened at $327.52 on Wednesday. The firm has a market cap of $130.94 billion, a PE ratio of 38.67, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01. Eaton Co. plc has a one year low of $191.82 and a one 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 stock’s fifty day moving average price is $301.36 and its two-hundred day moving average price is $314.25.

Eaton (NYSE:ETN) last announced 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. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. As a group, research analysts expect that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 1.15%. Eaton’s dividend payout ratio is currently 44.39%.

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.