Eaton Co. plc (NYSE:ETN) Stock Position Raised by Wellington Management Group LLP

Wellington Management Group LLP lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 74.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,057 shares of the industrial products company’s stock after purchasing an additional 11,992 shares during the period. Wellington Management Group LLP’s holdings in Eaton were worth $9,299,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Eaton by 253.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after buying an additional 1,629,856 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after acquiring an additional 1,070,024 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Eaton by 32.8% in the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after purchasing an additional 597,700 shares during the period. Wulff Hansen & CO. grew its position in Eaton by 31,255.0% during the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares in the last quarter. Finally, Electron Capital Partners LLC raised its stake in Eaton by 8,348.9% during the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock valued at $140,008,000 after purchasing an additional 441,239 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ETN shares. Citigroup lifted their price target on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a report on Monday, December 9th. Wells Fargo & Company lifted their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Jefferies Financial Group increased their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price objective for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus target price of $367.83.

Eaton Price Performance

NYSE ETN opened at $356.01 on Monday. The firm has a market cap of $140.70 billion, a P/E ratio of 37.87, a price-to-earnings-growth ratio of 2.74 and a beta of 1.03. The stock’s 50-day moving average is $355.79 and its two-hundred day moving average is $326.58. Eaton Co. plc has a fifty-two week low of $231.84 and a fifty-two week high of $379.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the business earned $2.47 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. On average, analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.06%. Eaton’s payout ratio is presently 40.00%.

Insider Buying and Selling

In other Eaton news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares of the company’s stock, valued at $17,241,796.60. The trade was a 7.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,981 shares of company stock worth $24,100,317 in the last quarter. 0.53% of the stock is currently owned by company insiders.

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.