Eaton Co. plc (NYSE:ETN) Position Increased by Avalon Global Asset Management LLC

Avalon Global Asset Management LLC raised its position in Eaton Co. plc (NYSE:ETN) by 49.8% during the third quarter, HoldingsChannel.com reports. The firm owned 45,100 shares of the industrial products company’s stock after buying an additional 15,000 shares during the quarter. Eaton makes up approximately 2.2% of Avalon Global Asset Management LLC’s holdings, making the stock its 15th largest holding. Avalon Global Asset Management LLC’s holdings in Eaton were worth $14,948,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after acquiring an additional 1,070,024 shares in the last quarter. Swedbank AB acquired a new position in shares of Eaton during the 2nd quarter valued at about $225,974,000. Assenagon Asset Management S.A. raised its stake in shares of Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after acquiring an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. grew its holdings in Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after purchasing an additional 476,639 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Up 0.9 %

Shares of ETN opened at $375.42 on Monday. Eaton Co. plc has a 12 month low of $224.61 and a 12 month high of $379.99. The stock has a market cap of $148.37 billion, a price-to-earnings ratio of 39.94, a P/E/G ratio of 2.84 and a beta of 1.01. The company has a 50-day moving average price of $348.37 and a two-hundred day moving average price of $324.41. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last announced its quarterly earnings results 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the previous year, the firm earned $2.47 EPS. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. Equities analysts predict that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

Insider Activity at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dorothy C. Thompson acquired 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 purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 66,981 shares of company stock valued at $24,100,317 in the last ninety days. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and raised their target price for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Finally, Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus 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.