Ashton Thomas Private Wealth LLC Boosts Holdings in Eaton Co. plc (NYSE:ETN)

Ashton Thomas Private Wealth LLC raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,676 shares of the industrial products company’s stock after buying an additional 523 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Eaton were worth $8,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Legal & General Group Plc increased its position in Eaton by 0.6% in the second 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 last quarter. Capital World Investors raised its holdings in Eaton by 323.8% during 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 buying an additional 2,439,270 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in Eaton by 2.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock worth $471,370,000 after buying an additional 40,078 shares during the last quarter. Janus Henderson Group PLC increased its position in Eaton by 15.5% during the first 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 raised its stake in shares of Eaton by 27,075.5% in the third 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 period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Down 0.3 %

Eaton stock opened at $371.00 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The stock has a market capitalization of $146.62 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.94 and a beta of 1.01. The business has a fifty day moving average price of $329.60 and a 200-day moving average price of $320.18. Eaton Co. plc has a 1-year low of $220.24 and a 1-year high of $373.39.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. Eaton’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the firm posted $2.47 EPS. Equities research analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

Wall Street Analyst Weigh In

ETN has been the subject of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Mizuho increased their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company upped their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $343.28.

Insider Buying and Selling

In related news, Director Karenann K. Terrell bought 500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were purchased 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 directly owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Eaton news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. Insiders sold a total of 117,745 shares of company stock valued at $39,278,367 over the last 90 days. Insiders own 0.53% of the company’s stock.

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.