Smithfield Trust Co Raises Stake in Eaton Co. plc (NYSE:ETN)

Smithfield Trust Co increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,390 shares of the industrial products company’s stock after buying an additional 33 shares during the period. Smithfield Trust Co’s holdings in Eaton were worth $1,789,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. IAM Advisory LLC bought a new position in shares of Eaton during the 2nd quarter worth $599,000. Interval Partners LP raised its position 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 valued at $47,571,000 after purchasing an additional 68,693 shares during the period. Scientech Research LLC lifted its stake in shares of Eaton by 285.5% during the 2nd 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 in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in Eaton by 25.9% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after acquiring an additional 5,676 shares during the period. Finally, Leavell Investment Management Inc. lifted its position in shares of Eaton by 67.6% during the second quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock worth $2,683,000 after acquiring an additional 3,452 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,705 shares of company stock valued at $24,516,346 in the last 90 days. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of NYSE ETN opened at $360.46 on Thursday. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The firm’s fifty day moving average is $339.96 and its two-hundred day moving average is $322.31. The company has a market cap of $142.45 billion, a P/E ratio of 38.35, a P/E/G ratio of 2.89 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping 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 company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same period in the previous year, the firm posted $2.47 earnings per share. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is presently 40.00%.

Analyst Ratings Changes

Several research analysts have commented on the company. Citigroup initiated coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price for the company. Barclays lowered their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Finally, Sanford C. Bernstein assumed coverage on shares of Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

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.