SPC Financial Inc. Has $3.90 Million Stock Position in Eaton Co. plc (NYSE:ETN)

SPC Financial Inc. increased its position in shares of Eaton Co. plc (NYSE:ETN) by 17.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,769 shares of the industrial products company’s stock after acquiring an additional 1,779 shares during the quarter. SPC Financial Inc.’s holdings in Eaton were worth $3,901,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Breakwater Investment Management grew its position in shares of Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the period. Atwood & Palmer Inc. grew its holdings in Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the 2nd quarter valued at $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the 2nd quarter valued at $33,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eaton in the 1st quarter worth $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

ETN opened at $341.10 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The business’s 50-day simple moving average is $311.66 and its 200 day simple moving average is $316.19. The firm has a market capitalization of $136.37 billion, a PE ratio of 40.27, a PEG ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $347.35.

Eaton (NYSE:ETN) last issued 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. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. As a group, sell-side analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.10%. Eaton’s dividend payout ratio is 44.39%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ETN. Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Royal Bank of Canada cut their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group boosted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Evercore ISI lowered their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $339.47.

Insider Transactions at Eaton

In other Eaton news, 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 owns 9,900 shares of the company’s stock, valued at $2,858,328. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were 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 of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by company insiders.

Eaton Company 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.