Eaton Co. plc (NYSE:ETN) Stock Holdings Boosted by Gabelli Funds LLC

Gabelli Funds LLC lifted its position in Eaton Co. plc (NYSE:ETN) by 8.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 161,298 shares of the industrial products company’s stock after buying an additional 13,021 shares during the period. Gabelli Funds LLC’s holdings in Eaton were worth $50,575,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Frank Rimerman Advisors LLC raised its position in Eaton by 46,185.7% in the second quarter. Frank Rimerman Advisors LLC now owns 9,720 shares of the industrial products company’s stock worth $3,048,000 after acquiring an additional 9,699 shares in the last quarter. Prospector Partners LLC raised its holdings in shares of Eaton by 0.8% in the 2nd quarter. Prospector Partners LLC now owns 72,849 shares of the industrial products company’s stock worth $22,842,000 after purchasing an additional 590 shares in the last quarter. Holderness Investments Co. lifted its stake in Eaton by 1.0% during the second quarter. Holderness Investments Co. now owns 12,602 shares of the industrial products company’s stock valued at $3,951,000 after purchasing an additional 127 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Eaton by 10.9% during the second quarter. ProShare Advisors LLC now owns 60,658 shares of the industrial products company’s stock worth $19,019,000 after buying an additional 5,970 shares in the last quarter. Finally, Hancock Whitney Corp grew its position in Eaton by 2.6% in the second quarter. Hancock Whitney Corp now owns 2,815 shares of the industrial products company’s stock worth $883,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Raymond James reduced their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Finally, Barclays increased their target price on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Stock Performance

Shares of ETN stock opened at $330.60 on Friday. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock’s 50-day moving average is $299.93 and its two-hundred day moving average is $312.60. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The firm has a market cap of $132.17 billion, a P/E ratio of 39.03, a PEG 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 analysts’ consensus estimates of $2.61 by $0.12. The firm 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%. Analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is presently 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 completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 transaction, the insider now owns 9,900 shares in the company, valued at $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. Corporate insiders own 0.53% of the company’s stock.

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.