Aljian Capital Management LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Aljian Capital Management LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,157 shares of the industrial products company’s stock, valued at approximately $1,046,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. IAM Advisory LLC purchased a new stake in Eaton during the 2nd quarter valued at $599,000. Interval Partners LP boosted its holdings in shares of Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after buying an additional 68,693 shares during the last quarter. Scientech Research LLC grew its position in Eaton by 285.5% during the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after buying an additional 4,254 shares during the period. B. Riley Wealth Advisors Inc. increased its holdings in Eaton by 25.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after buying an additional 5,676 shares during the last quarter. Finally, Leavell Investment Management Inc. raised its holdings in Eaton by 67.6% in the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock worth $2,683,000 after purchasing an additional 3,452 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 68,705 shares of company stock valued at $24,516,346 in the last 90 days. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ETN has been the subject of several analyst reports. Barclays reduced their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Morgan Stanley initiated coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Citigroup started coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Finally, UBS Group initiated coverage on Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price for the company. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Trading Down 0.8 %

NYSE:ETN opened at $358.99 on Monday. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The company has a market capitalization of $141.87 billion, a P/E ratio of 38.19, a PEG ratio of 2.85 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $335.82 and a 200-day simple moving average of $321.44.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $2.47 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

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

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.