Eaton Co. plc (NYSE:ETN) Shares Purchased by Holderness Investments Co.

Holderness Investments Co. boosted its position in shares of Eaton Co. plc (NYSE:ETN) by 1.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 12,602 shares of the industrial products company’s stock after acquiring an additional 127 shares during the quarter. Eaton comprises about 0.9% of Holderness Investments Co.’s portfolio, making the stock its 23rd largest position. Holderness Investments Co.’s holdings in Eaton were worth $3,951,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ETN. Norden Group LLC acquired a new position in Eaton in the 1st quarter worth approximately $2,176,000. Weiss Asset Management LP acquired a new stake in shares of Eaton in the fourth quarter worth $1,001,000. Griffin Asset Management Inc. purchased a new position in shares of Eaton during the first quarter worth $813,000. Stifel Financial Corp lifted its position in Eaton by 1.3% during the fourth quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock valued at $356,535,000 after purchasing an additional 19,529 shares during the period. Finally, Focus Financial Network Inc. ADV purchased a new stake in Eaton in the fourth quarter valued at $554,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 0.5 %

Shares of ETN opened at $330.60 on Friday. The firm has a 50-day moving average price of $299.93 and a 200 day moving average price of $312.60. The firm has a market capitalization of $132.17 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.28 and a beta of 1.01. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations 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 10.74 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. Eaton’s dividend payout ratio is currently 44.39%.

Analyst Ratings Changes

A number of research firms have weighed in on ETN. Wells Fargo & Company reduced their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Citigroup assumed coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Finally, Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $337.41.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated 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 transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the 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 sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,511 shares of company stock valued at $15,809,326. Company insiders own 0.53% of the company’s stock.

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.