City Center Advisors LLC Acquires Shares of 681 Eaton Co. plc (NYSE:ETN)

City Center Advisors LLC acquired a new stake in Eaton Co. plc (NYSE:ETN) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 681 shares of the industrial products company’s stock, valued at approximately $226,000.

Several other large investors also recently modified their holdings of the stock. Breakwater Investment Management boosted its stake in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares in the last quarter. Atwood & Palmer Inc. raised its position in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton in the second quarter worth approximately $29,000. LGT Financial Advisors LLC bought a new stake in Eaton in the second quarter worth approximately $33,000. Finally, Redmont Wealth Advisors LLC bought a new stake in Eaton in the first quarter worth approximately $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction 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 completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s 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 directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last 90 days. Company insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of Eaton stock opened at $335.47 on Wednesday. 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 firm has a market capitalization of $134.12 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The business’s 50-day moving average price is $304.08 and its 200-day moving average price is $314.92. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Sell-side analysts forecast that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is currently 44.39%.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of research reports. Jefferies Financial Group raised their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Royal Bank of Canada dropped their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.47.

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.