1832 Asset Management L.P. Has $113.56 Million Stock Position in Eaton Co. plc (NYSE:ETN)

1832 Asset Management L.P. decreased its stake in Eaton Co. plc (NYSE:ETN) by 53.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 362,164 shares of the industrial products company’s stock after selling 415,220 shares during the quarter. 1832 Asset Management L.P. owned 0.09% of Eaton worth $113,557,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norden Group LLC acquired a new position in shares of Eaton in the 1st quarter valued at $2,176,000. Weiss Asset Management LP acquired a new position in shares of Eaton in the 4th quarter valued at $1,001,000. Griffin Asset Management Inc. acquired a new stake in Eaton during the 1st quarter worth about $813,000. Stifel Financial Corp boosted its position in Eaton by 1.3% during the 4th quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock worth $356,535,000 after acquiring an additional 19,529 shares during the period. Finally, Focus Financial Network Inc. ADV acquired a new stake in Eaton during the 4th quarter worth about $554,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred 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 sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, 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 valued at $15,809,326 in the last three months. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of research reports. Raymond James decreased 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. Wells Fargo & Company decreased their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Morgan Stanley initiated coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Barclays raised their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Stock Up 0.5 %

Shares of ETN stock opened at $330.60 on Friday. The stock’s 50 day simple moving average is $299.93 and its 200 day simple moving average is $312.60. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a market capitalization of $132.17 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate 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 predict that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.94 dividend. 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 is currently 44.39%.

Eaton 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.