Sei Investments Co. Buys 181,405 Shares of Eaton Co. plc (NYSE:ETN)

Sei Investments Co. raised its position in shares of Eaton Co. plc (NYSE:ETN) by 63.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 465,162 shares of the industrial products company’s stock after purchasing an additional 181,405 shares during the period. Sei Investments Co. owned approximately 0.12% of Eaton worth $145,847,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Congress Wealth Management LLC DE boosted its stake in Eaton by 8.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after buying an additional 5,725 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Eaton in the 1st quarter valued at $2,176,000. Weiss Asset Management LP bought a new position in shares of Eaton during the 4th quarter valued at $1,001,000. Griffin Asset Management Inc. purchased a new position in Eaton in the 1st quarter worth $813,000. Finally, Stifel Financial Corp lifted its stake in Eaton by 1.3% in the fourth quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock worth $356,535,000 after purchasing an additional 19,529 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In related news, Director Karenann K. Terrell bought 500 shares of the firm’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 owns 500 shares in the company, valued at $149,485. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Karenann K. Terrell bought 500 shares of Eaton stock in a transaction on Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $330.59 on Friday. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The business’s fifty day simple moving average is $299.93 and its two-hundred day simple moving average is $312.45. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The company has a market cap of $132.17 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS 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 company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Research analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ETN. Royal Bank of Canada reduced their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company decreased their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Finally, Barclays increased their target price 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. Four analysts have rated the stock with a hold rating and fourteen have issued 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.

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.