Joseph Group Capital Management Acquires 713 Shares of Eaton Co. plc (NYSE:ETN)

Joseph Group Capital Management boosted its holdings in Eaton Co. plc (NYSE:ETN) by 7.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,067 shares of the industrial products company’s stock after purchasing an additional 713 shares during the quarter. Eaton comprises 1.6% of Joseph Group Capital Management’s portfolio, making the stock its 18th largest position. Joseph Group Capital Management’s holdings in Eaton were worth $3,157,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. increased its position in Eaton by 1.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 10,045 shares of the industrial products company’s stock valued at $3,150,000 after buying an additional 116 shares in the last quarter. Ieq Capital LLC grew its stake in shares of Eaton by 14.7% in the second quarter. Ieq Capital LLC now owns 27,717 shares of the industrial products company’s stock worth $8,690,000 after acquiring an additional 3,548 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Eaton by 9.2% during the second quarter. Intech Investment Management LLC now owns 30,985 shares of the industrial products company’s stock valued at $9,715,000 after acquiring an additional 2,611 shares in the last quarter. Bright Financial Advisors Inc. purchased a new position in shares of Eaton in the 2nd quarter worth about $3,745,000. Finally, XTX Topco Ltd boosted its stake in Eaton by 14.8% in the 2nd quarter. XTX Topco Ltd now owns 6,415 shares of the industrial products company’s stock worth $2,011,000 after purchasing an additional 827 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Up 4.5 %

ETN opened at $328.92 on Friday. The firm’s 50 day simple moving average is $299.93 and its two-hundred day simple moving average is $312.22. The company has a market capitalization of $131.50 billion, a PE ratio of 38.83, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 1-year low of $191.82 and a 1-year 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 announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, equities analysts forecast that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

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

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Royal Bank of Canada decreased their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays boosted their price objective on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Morgan Stanley initiated coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Finally, Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Eaton news, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last 90 days. 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.