Tranquility Partners LLC Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

Tranquility Partners LLC lifted its position in Eaton Co. plc (NYSE:ETN) by 36.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,278 shares of the industrial products company’s stock after buying an additional 1,688 shares during the quarter. Tranquility Partners LLC’s holdings in Eaton were worth $2,081,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ETN. Legal & General Group Plc increased its holdings in Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares during the period. Capital World Investors increased 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 valued at $998,255,000 after acquiring an additional 2,439,270 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Eaton by 2.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock valued at $471,370,000 after acquiring an additional 40,078 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Eaton by 15.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock valued at $412,108,000 after acquiring an additional 176,571 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after acquiring an additional 1,070,024 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karenann K. Terrell acquired 500 shares of Eaton stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 68,705 shares of company stock valued at $24,516,346. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ETN. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their price objective for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Raymond James decreased their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Bank of America upped their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $357.83.

Eaton Trading Down 0.3 %

Shares of ETN stock opened at $357.83 on Tuesday. The business’s fifty day moving average price is $337.19 and its 200 day moving average price is $321.74. Eaton Co. plc has a 1-year low of $224.52 and a 1-year high of $373.49. The firm has a market capitalization of $141.41 billion, a PE ratio of 38.07, a P/E/G ratio of 2.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.47 earnings per share. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is 40.00%.

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.