Eaton Co. plc (NYSE:ETN) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 98.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,989 shares of the industrial products company’s stock after buying an additional 987 shares during the quarter. Edgestream Partners L.P.’s holdings in Eaton were worth $624,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ETN. Excalibur Management Corp increased its holdings in Eaton by 1.3% in the 2nd quarter. Excalibur Management Corp now owns 4,998 shares of the industrial products company’s stock worth $1,567,000 after buying an additional 66 shares during the period. Wulff Hansen & CO. raised its holdings in shares of Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in Eaton by 1,079.7% during the second quarter. Citizens Financial Group Inc. RI now owns 80,608 shares of the industrial products company’s stock valued at $25,275,000 after purchasing an additional 73,775 shares during the period. One Capital Management LLC purchased a new stake in Eaton in the second quarter valued at $511,000. Finally, Mesirow Financial Investment Management Inc. grew its position in Eaton by 2.6% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 6,420 shares of the industrial products company’s stock worth $2,014,000 after purchasing an additional 164 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on ETN shares. Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Jefferies Financial Group raised their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Royal Bank of Canada decreased their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Barclays raised their price target on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley initiated coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average price target of $337.41.

Eaton Stock Up 0.5 %

Shares of ETN opened at $330.60 on Monday. The stock has a 50 day moving average price of $299.93 and a 200 day moving average price of $312.71. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a market capitalization of $132.17 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETN) last issued its earnings results 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 business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Equities research analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

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 $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.