Alpha Cubed Investments LLC Has $27.86 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Alpha Cubed Investments LLC boosted its position in Eaton Co. plc (NYSE:ETN) by 10.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 84,058 shares of the industrial products company’s stock after acquiring an additional 8,084 shares during the period. Eaton accounts for about 1.2% of Alpha Cubed Investments LLC’s holdings, making the stock its 25th biggest position. Alpha Cubed Investments LLC’s holdings in Eaton were worth $27,860,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Jennison Associates LLC lifted its position in Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after acquiring an additional 1,219,790 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in Eaton by 2,006.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after purchasing an additional 918,936 shares during the last quarter. Swedbank AB acquired a new position in Eaton during the 2nd quarter valued at about $225,974,000. Finally, Assenagon Asset Management S.A. increased its holdings in Eaton by 1,604.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after purchasing an additional 634,059 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $288.72, for a total value 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ETN shares. Barclays lifted their target price on Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price for the company. Evercore ISI lowered their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Finally, Raymond James decreased 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. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus price target of $339.47.

Eaton Stock Performance

NYSE ETN opened at $334.69 on Tuesday. The company’s 50 day moving average is $303.32 and its 200-day moving average is $314.79. The firm has a market cap of $133.81 billion, a P/E ratio of 39.51, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. 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.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Sell-side analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

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.