Reliant Investment Management LLC Acquires 500 Shares of Eaton Co. plc (NYSE:ETN)

Reliant Investment Management LLC grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,282 shares of the industrial products company’s stock after acquiring an additional 500 shares during the quarter. Eaton comprises about 3.3% of Reliant Investment Management LLC’s holdings, making the stock its 9th largest position. Reliant Investment Management LLC’s holdings in Eaton were worth $7,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of ETN. Breakwater Investment Management raised its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Atwood & Palmer Inc. raised its position 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 during the period. Proffitt & Goodson Inc. acquired a new position in Eaton in the second quarter valued at $29,000. Redmont Wealth Advisors LLC purchased a new stake in Eaton during the first quarter valued at about $33,000. Finally, LGT Financial Advisors LLC acquired a new stake in Eaton during the second quarter worth about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ETN. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Raymond James dropped their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Evercore ISI reduced their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Morgan Stanley assumed coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Finally, Jefferies Financial Group boosted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.47.

Eaton Stock Performance

Eaton stock opened at $335.47 on Wednesday. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. 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 stock has a market cap of $134.12 billion, a P/E ratio of 39.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The stock has a 50 day moving average of $304.08 and a 200-day moving average of $314.92.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating 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 net margin of 15.12% and a return on equity of 21.45%. On average, analysts expect that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 in the last quarter. 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.