Magnetar Financial LLC Invests $4.68 Million in Eaton Co. plc (NYSE:ETN)

Magnetar Financial LLC acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 14,916 shares of the industrial products company’s stock, valued at approximately $4,677,000.

Several other hedge funds have also recently added to or reduced their stakes in ETN. LifeSteps Financial Inc. bought a new stake in Eaton during the 1st quarter valued at $25,000. Breakwater Investment Management raised its stake in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares in the last quarter. Atwood & Palmer Inc. raised its stake in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares in the last quarter. Clear Investment Research LLC bought a new stake in shares of Eaton in the 4th quarter worth $29,000. Finally, Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the 2nd quarter worth $29,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ETN shares. Barclays lifted their target price on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Raymond James lowered 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. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Royal Bank of Canada lowered their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Wells Fargo & Company reduced their price target 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. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $337.41.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 price of $298.97 per share, for a total transaction 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. Over the last ninety days, insiders have sold 52,511 shares of company stock worth $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Eaton Trading Up 0.5 %

Eaton stock opened at $330.60 on Monday. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average price of $299.93 and a two-hundred day moving average price of $312.71. The stock has a market cap of $132.17 billion, a price-to-earnings ratio of 39.03, 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 EPS for the quarter, beating 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 analysts’ expectations of $6.35 billion. As a group, equities analysts forecast that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

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