Eaton Co. plc (NYSE:ETN) Shares Purchased by Worth Financial Advisory Group LLC

by · The Markets Daily

Worth Financial Advisory Group LLC grew its position in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 33.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,522 shares of the industrial products company’s stock after acquiring an additional 631 shares during the quarter. Worth Financial Advisory Group LLC’s holdings in Eaton were worth $836,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ETN. Breakwater Investment Management raised its position in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the second quarter worth about $29,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Eaton in the first quarter valued at about $33,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the 2nd quarter valued at about $33,000. Finally, West Financial Advisors LLC acquired a new position in Eaton during the 3rd quarter worth approximately $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

Shares of NYSE ETN opened at $345.56 on Tuesday. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $137.57 billion, a price-to-earnings ratio of 38.02, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. Eaton Co. plc has a twelve month low of $196.12 and a twelve month high of $349.74. The business has a 50 day simple moving average of $319.86 and a 200-day simple moving average of $317.69.

Eaton (NYSE:ETN – Get Free Report) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. As a group, equities research analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced 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 is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.09%. Eaton’s dividend payout ratio is currently 41.36%.

Wall Street Analyst Weigh In

Several analysts have issued reports on ETN shares. Mizuho increased their price objective on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Evercore ISI lowered their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Finally, Royal Bank of Canada cut their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.06.

View Our Latest Stock Report on ETN

Insider Buying and Selling at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Eaton news, insider Michael Yelton sold 3,136 shares of the firm’s 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 in the company, valued at approximately $1,186,411.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last ninety days. Company insiders own 0.53% of the company’s stock.

Eaton Company Profile

(Free Report)

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.

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