Mutual Advisors LLC Boosts Stock Holdings in Eaton Co. plc (NYSE:ETN)

Mutual Advisors LLC raised its holdings in Eaton Co. plc (NYSE:ETN) by 20.5% during the third quarter, Holdings Channel.com reports. The firm owned 6,383 shares of the industrial products company’s stock after purchasing an additional 1,088 shares during the quarter. Mutual Advisors LLC’s holdings in Eaton were worth $2,204,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norden Group LLC purchased a new stake in Eaton during the first quarter worth about $2,176,000. IAM Advisory LLC purchased a new stake in shares of Eaton during the 2nd quarter worth approximately $599,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Eaton by 19.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock worth $24,616,000 after acquiring an additional 12,689 shares during the period. Interval Partners LP increased its stake in Eaton by 82.7% in the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after purchasing an additional 68,693 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in Eaton by 302.4% during the first quarter. Empowered Funds LLC now owns 23,273 shares of the industrial products company’s stock worth $7,277,000 after purchasing an additional 17,490 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Jefferies Financial Group raised their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Mizuho increased their price target on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $340.06.

Eaton Stock Performance

NYSE:ETN opened at $331.54 on Friday. The company has a market cap of $131.99 billion, a P/E ratio of 36.47, a P/E/G ratio of 2.62 and a beta of 1.02. The firm’s 50 day moving average is $322.39 and its two-hundred day moving average is $318.15. Eaton Co. plc has a fifty-two week low of $198.68 and a fifty-two week high of $349.74. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping 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 business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Analysts expect that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 41.36%.

Insider Transactions at Eaton

In related news, 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 transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s 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 transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. 0.33% of the stock is currently owned by company 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.