Eaton Co. plc (NYSE:ETN) Stake Raised by Abacus Planning Group Inc.

Abacus Planning Group Inc. raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,107 shares of the industrial products company’s stock after buying an additional 36 shares during the period. Abacus Planning Group Inc.’s holdings in Eaton were worth $367,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new stake in shares of Eaton during the first quarter valued at $25,000. Breakwater Investment Management grew its stake in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Atwood & Palmer Inc. increased its holdings in shares of Eaton by 142.9% in the 1st 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. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the second quarter worth approximately $29,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of Eaton during the first quarter worth approximately $33,000. Institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Morgan Stanley assumed coverage on shares of 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 cut their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Barclays boosted their target price on Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group lifted their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Citigroup initiated coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $337.88.

Eaton Price Performance

NYSE ETN opened at $327.99 on Thursday. 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 stock has a 50-day simple moving average of $301.93 and a 200 day simple moving average of $314.34. The stock has a market capitalization of $131.13 billion, a PE ratio of 38.72, a P/E/G ratio of 2.53 and a beta of 1.01. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19.

Eaton (NYSE:ETN) last issued 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 return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Research analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

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

Insider Buying and Selling at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction 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 sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by corporate insiders.

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.