Gateway Advisory LLC Takes Position in Eaton Co. plc (NYSE:ETN)

Gateway Advisory LLC purchased a new position in Eaton Co. plc (NYSE:ETN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,961 shares of the industrial products company’s stock, valued at approximately $615,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after purchasing an additional 259,615 shares during the period. Coatue Management LLC grew its position in Eaton by 5.2% during the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after acquiring an additional 195,809 shares during the period. Capital World Investors raised its holdings in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the period. TD Asset Management Inc raised its holdings in Eaton by 19.9% in the fourth quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock valued at $488,815,000 after buying an additional 337,351 shares during the period. Finally, Stifel Financial Corp raised its stake in shares of Eaton by 1.3% in the 4th quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock valued at $356,535,000 after acquiring an additional 19,529 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly 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 can be accessed through the SEC website. In other news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last quarter. Insiders own 0.53% of the company’s stock.

Eaton Trading Down 0.3 %

Shares of NYSE ETN opened at $329.69 on Tuesday. The stock has a market capitalization of $131.81 billion, a P/E ratio of 38.92, a PEG ratio of 2.28 and a beta of 1.01. The stock’s 50 day moving average price is $299.99 and its two-hundred day moving average price is $312.91. 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 Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. On average, analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.14%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent research reports. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wells Fargo & Company dropped their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Citigroup started coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Jefferies Financial Group boosted their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $337.41.

Eaton 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.