Bright Financial Advisors Inc. Buys Shares of 11,943 Eaton Co. plc (NYSE:ETN)

Bright Financial Advisors Inc. purchased a new position in shares of Eaton Co. plc (NYSE:ETN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,943 shares of the industrial products company’s stock, valued at approximately $3,745,000. Eaton comprises about 2.6% of Bright Financial Advisors Inc.’s portfolio, making the stock its 9th largest position.

A number of other large investors have also modified their holdings of ETN. Capital World Investors grew its stake in shares of Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares in the last quarter. Jennison Associates LLC grew its position in Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Eaton by 2,006.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after buying an additional 918,936 shares during the period. Swedbank AB bought a new stake in shares of Eaton during the 2nd quarter worth about $225,974,000. Finally, Artisan Partners Limited Partnership lifted its stake in shares of Eaton by 207.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock worth $233,698,000 after acquiring an additional 654,855 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ETN shares. Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Jefferies Financial Group lifted 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. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Citigroup assumed coverage on Eaton in a research note on Monday. They set a “buy” rating and a $348.00 target price for the company. Finally, Barclays upped their price target on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Stock Up 0.9 %

Shares of NYSE:ETN opened at $314.65 on Thursday. The firm has a 50 day simple moving average of $299.93 and a 200 day simple moving average of $312.10. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. 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 company has a market cap of $125.80 billion, a PE ratio of 37.15, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last released its 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. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, research analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Buying and Selling

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated 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 owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Heath B. Monesmith sold 49,040 shares of the company’s 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 sale, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value 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 disclosure for this sale can be found here. Over the last three months, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is 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.