Independent Advisor Alliance Has $11.22 Million Stake in Eaton Co. plc (NYSE:ETN)

Independent Advisor Alliance raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 27.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,861 shares of the industrial products company’s stock after buying an additional 7,197 shares during the quarter. Independent Advisor Alliance’s holdings in Eaton were worth $11,223,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Breakwater Investment Management raised its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in Eaton in the 2nd quarter worth about $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the 2nd quarter worth $33,000. West Financial Advisors LLC acquired a new position in Eaton in the third quarter valued at about $35,000. Finally, DT Investment Partners LLC acquired a new stake in shares of Eaton during the 3rd quarter worth approximately $37,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The trade was a 44.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,705 shares of company stock worth $24,516,346. 0.33% of the stock is owned by corporate insiders.

Eaton Stock Up 1.7 %

Shares of NYSE:ETN opened at $377.41 on Monday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $378.00. The company has a fifty day simple moving average of $342.75 and a 200 day simple moving average of $322.91. The firm has a market cap of $149.15 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 2.99 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, beating 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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the firm posted $2.47 EPS. Eaton’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts anticipate that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.00%. Eaton’s payout ratio is presently 40.00%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ETN. Barclays lowered their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Raymond James decreased their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Royal Bank of Canada restated an “outperform” rating and set a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.