L & S Advisors Inc Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

L & S Advisors Inc grew its holdings in Eaton Co. plc (NYSE:ETN) by 34.8% in the third quarter, Holdings Channel reports. The institutional investor owned 37,728 shares of the industrial products company’s stock after acquiring an additional 9,744 shares during the quarter. Eaton accounts for 1.3% of L & S Advisors Inc’s holdings, making the stock its 13th largest holding. L & S Advisors Inc’s holdings in Eaton were worth $12,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Smithfield Trust Co boosted its stake in shares of Eaton by 0.6% in the third quarter. Smithfield Trust Co now owns 5,390 shares of the industrial products company’s stock worth $1,789,000 after acquiring an additional 33 shares during the last quarter. LPL Financial LLC boosted its stake in Eaton by 2.3% during the third quarter. LPL Financial LLC now owns 488,214 shares of the industrial products company’s stock worth $161,814,000 after buying an additional 10,939 shares during the last quarter. Cypress Capital Group boosted its stake in Eaton by 7.0% during the third quarter. Cypress Capital Group now owns 10,629 shares of the industrial products company’s stock worth $3,523,000 after buying an additional 697 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Eaton by 777.0% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 303,932 shares of the industrial products company’s stock worth $100,735,000 after buying an additional 269,276 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its stake in Eaton by 15.7% during the third quarter. King Luther Capital Management Corp now owns 3,848 shares of the industrial products company’s stock worth $1,275,000 after buying an additional 521 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ETN shares. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Barclays lowered their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Sanford C. Bernstein started coverage on Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective on the stock. Bank of America boosted their price objective on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 in the last quarter. 0.53% of the stock is owned by company insiders.

Eaton Price Performance

ETN stock opened at $360.46 on Thursday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $142.45 billion, a PE ratio of 38.35, a P/E/G ratio of 2.89 and a beta of 1.01. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49. The business’s fifty day moving average price is $339.96 and its 200 day moving average price is $322.31.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.47 EPS. On average, sell-side analysts anticipate 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. Shareholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.04%. Eaton’s dividend payout ratio (DPR) is 40.00%.

About Eaton

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.