WESPAC Advisors SoCal LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

WESPAC Advisors SoCal LLC acquired a new position in Eaton Co. plc (NYSE:ETN) during the third quarter, HoldingsChannel.com reports. The fund acquired 14,604 shares of the industrial products company’s stock, valued at approximately $4,840,000.

Several other large investors have also added to or reduced their stakes in ETN. Breakwater Investment Management lifted its position 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 buying an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new position in Eaton during the second quarter valued at approximately $33,000. West Financial Advisors LLC bought a new position in Eaton in the third quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in shares of Eaton during the 2nd quarter worth approximately $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the firm’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 directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is currently owned by company insiders.

Eaton Trading Down 0.8 %

ETN stock opened at $358.99 on Friday. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $373.49. The company has a market capitalization of $141.87 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01. The company’s 50-day simple moving average is $335.82 and its 200 day simple moving average is $321.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.37 billion. During the same quarter in the prior year, the business posted $2.47 EPS. The business’s revenue was up 7.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.05%. Eaton’s dividend payout ratio is presently 40.00%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ETN shares. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Barclays lowered their price objective 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. Morgan Stanley initiated coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and set a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. Finally, UBS Group began coverage on Eaton in a research note on Wednesday. They issued a “buy” rating and a $431.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.