Castle Rock Wealth Management LLC Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

Castle Rock Wealth Management LLC grew its holdings in shares of Eaton Co. plc (NYSE:ETNFree Report) by 545.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,787 shares of the industrial products company’s stock after purchasing an additional 6,581 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Eaton were worth $2,606,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETN. Breakwater Investment Management raised its stake in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the period. Atwood & Palmer Inc. raised its stake in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the period. Proffitt & Goodson Inc. purchased a new stake in Eaton during the second quarter valued at about $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the second quarter worth about $33,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of Eaton in the first quarter worth about $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

NYSE ETN traded up $2.76 during trading hours on Friday, reaching $339.70. 338,058 shares of the stock traded hands, compared to its average volume of 2,131,522. The stock has a 50 day simple moving average of $306.50 and a two-hundred day simple moving average of $315.37. 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 company has a market cap of $135.23 billion, a price-to-earnings ratio of 37.07, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETNGet Free Report) last released its 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 company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, analysts predict that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is currently 41.36%.

Analysts Set New Price Targets

A number of brokerages recently commented on ETN. Citigroup assumed coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Barclays increased their target price on Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group lifted their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Royal Bank of Canada dropped their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Evercore ISI reduced their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.47.

View Our Latest Analysis on Eaton

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction dated 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 directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’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 completion of the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last three months. Insiders own 0.53% of the company’s stock.

About Eaton

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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