Essex Savings Bank Boosts Position in Eaton Co. plc (NYSE:ETN)

Essex Savings Bank increased its stake in Eaton Co. plc (NYSE:ETN) by 4.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,387 shares of the industrial products company’s stock after acquiring an additional 134 shares during the quarter. Essex Savings Bank’s holdings in Eaton were worth $1,123,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Breakwater Investment Management grew its holdings in 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 acquiring an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new position in Eaton during the 2nd quarter worth about $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of Eaton in the 2nd quarter valued at about $37,000. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 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 quarter, insiders sold 118,080 shares of company stock valued at $39,375,088. 0.53% of the stock is owned by corporate insiders.

Eaton Price Performance

NYSE:ETN opened at $366.67 on Friday. 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 firm has a market cap of $144.91 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 2.88 and a beta of 1.01. The company has a 50 day moving average price of $328.30 and a 200-day moving average price of $319.74. Eaton Co. plc has a 1-year low of $217.61 and a 1-year high of $369.29.

Eaton (NYSE:ETN) last posted its earnings results 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. 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%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.47 EPS. Equities research analysts forecast that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.03%. The ex-dividend date is Monday, November 4th. Eaton’s payout ratio is presently 40.00%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ETN shares. Citigroup started coverage on shares of Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Raymond James lowered their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Mizuho lifted their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Barclays lowered their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $343.28.

Eaton 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.