Thrivent Financial for Lutherans Has $18.13 Million Stake in Eaton Co. plc (NYSE:ETN)

Thrivent Financial for Lutherans increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 110.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,820 shares of the industrial products company’s stock after purchasing an additional 30,319 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Eaton were worth $18,129,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legacy Capital Group California Inc. raised its holdings in shares of Eaton by 1.2% during the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock worth $870,000 after acquiring an additional 32 shares during the period. Well Done LLC increased its position in Eaton by 1.3% during the 2nd quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares in the last quarter. Verdence Capital Advisors LLC increased its position in Eaton by 1.7% in the 1st quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after acquiring an additional 34 shares during the period. J.W. Cole Advisors Inc. increased its position in Eaton by 1.7% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock valued at $644,000 after acquiring an additional 35 shares during the period. Finally, Fragasso Group Inc. increased its position in Eaton by 3.6% in the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock valued at $323,000 after acquiring an additional 36 shares during the period. 82.97% of the stock is owned by institutional investors.

Eaton Trading Down 0.7 %

Shares of ETN opened at $327.39 on Wednesday. The company has a 50 day simple moving average of $299.89 and a two-hundred day simple moving average of $313.12. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The firm has a market cap of $130.89 billion, a P/E ratio of 38.65, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. On average, equities analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders 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 dividend on an annualized basis and a yield of 1.15%. Eaton’s dividend payout ratio is presently 44.39%.

Analyst Ratings Changes

ETN has been the topic of several research analyst reports. Barclays increased their target price on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI lowered their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Wells Fargo & Company decreased their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Citigroup started coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Finally, Jefferies Financial Group increased 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. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $337.41.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Heath B. Monesmith sold 49,040 shares of the 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 completion of the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 52,511 shares of company stock worth $15,809,326. 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.