Eaton Co. plc (NYSE:ETN) Shares Acquired by Logan Capital Management Inc.

Logan Capital Management Inc. boosted its stake in Eaton Co. plc (NYSE:ETN) by 76.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 24,771 shares of the industrial products company’s stock after purchasing an additional 10,764 shares during the period. Logan Capital Management Inc.’s holdings in Eaton were worth $8,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Eaton by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock valued at $2,665,342,000 after purchasing an additional 56,516 shares during the last quarter. Legal & General Group Plc increased its position in Eaton by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after acquiring an additional 18,077 shares during the period. Franklin Resources Inc. raised its stake in Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after acquiring an additional 316,830 shares in the last quarter. Janus Henderson Group PLC boosted its position in Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after acquiring an additional 597,700 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Eaton by 253.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Up 0.3 %

Shares of Eaton stock traded up $1.21 during midday trading on Friday, hitting $359.85. The company’s stock had a trading volume of 97,827 shares, compared to its average volume of 2,077,837. The firm has a market capitalization of $142.21 billion, a P/E ratio of 38.16, a PEG ratio of 2.74 and a beta of 1.03. Eaton Co. plc has a 1-year low of $231.84 and a 1-year high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock has a 50-day simple moving average of $355.33 and a 200-day simple moving average of $326.59.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same period last year, the company posted $2.47 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. As a group, sell-side analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ETN shares. Citigroup upped their price objective on shares of Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company increased their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley began coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Jefferies Financial Group lifted their price target on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, UBS Group assumed coverage on Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $367.83.

Insider Activity

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock worth $24,100,317 in the last three months. 0.53% of the stock is owned by insiders.

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.