Eaton Co. plc (NYSE:ETN) Shares Bought by King Luther Capital Management Corp

King Luther Capital Management Corp lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 19.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,327 shares of the industrial products company’s stock after purchasing an additional 541 shares during the quarter. King Luther Capital Management Corp’s holdings in Eaton were worth $1,043,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. LifeSteps Financial Inc. acquired a new stake in shares of Eaton in the 1st quarter worth $25,000. Breakwater Investment Management grew its holdings in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Atwood & Palmer Inc. increased its position in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Clear Investment Research LLC purchased a new position in Eaton during the fourth quarter worth about $29,000. Finally, Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the 2nd quarter valued at approximately $29,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Up 0.5 %

Eaton stock opened at $330.60 on Monday. The firm has a market capitalization of $132.17 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.28 and a beta of 1.01. The stock’s fifty day simple moving average is $299.93 and its 200-day simple moving average is $312.71. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, equities analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a filing with the SEC, which is accessible 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 sale, 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. In the last three months, insiders have sold 52,511 shares of company stock valued at $15,809,326. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the topic of several analyst reports. Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Evercore ISI decreased their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $337.41.

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.