Tradition Wealth Management LLC Raises Stock Position in Eaton Co. plc (NYSE:ETN)

Tradition Wealth Management LLC raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,760 shares of the industrial products company’s stock after purchasing an additional 148 shares during the period. Tradition Wealth Management LLC’s holdings in Eaton were worth $915,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Strategic Wealth Partners Ltd. boosted its position in shares of Eaton by 3.0% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock valued at $340,000 after purchasing an additional 30 shares during the period. Fairfield Financial Advisors LTD boosted its holdings in shares of Eaton by 16.2% in the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after acquiring an additional 30 shares during the period. Legacy Capital Group California Inc. grew its position 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 last quarter. Venturi Wealth Management LLC raised its position in Eaton by 2.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock valued at $513,000 after purchasing an additional 32 shares during the last quarter. Finally, Well Done LLC boosted its stake 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 during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Performance

ETN opened at $375.42 on Monday. The stock’s 50 day simple moving average is $348.37 and its 200 day simple moving average is $324.41. The stock has a market cap of $148.37 billion, a P/E ratio of 39.94, a P/E/G ratio of 2.84 and a beta of 1.01. Eaton Co. plc has a 1-year low of $224.61 and a 1-year high of $379.99. 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 announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the business posted $2.47 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities analysts anticipate that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Analysts Set New Price Targets

A number of brokerages have recently commented on ETN. Mizuho upped their target price on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. UBS Group began coverage on Eaton in a research note on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Bank of America lifted their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and upped their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Insider Activity

In related news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost 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 of the company’s stock, valued at $662,161.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,981 shares of company stock worth $24,100,317 over the last ninety days. 0.53% of the stock is currently owned by insiders.

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.