Greenwich Wealth Management LLC Buys New Shares in Eaton Co. plc (NYSE:ETN)

by · The Cerbat Gem

Greenwich Wealth Management LLC acquired a new position in shares of Eaton Co. plc (NYSE:ETN – Free Report) in the third quarter, HoldingsChannel.com reports. The firm acquired 685 shares of the industrial products company’s stock, valued at approximately $227,000.

Several other hedge funds also recently modified their holdings of ETN. Capital World Investors grew its position in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after acquiring an additional 2,439,270 shares during the period. Jennison Associates LLC increased its position in Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after buying an additional 1,219,790 shares during the last quarter. International Assets Investment Management LLC raised its stake in Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after buying an additional 1,070,024 shares during the period. Swedbank AB bought a new position in shares of Eaton during the 2nd quarter worth approximately $225,974,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Eaton by 1,604.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after acquiring an additional 634,059 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 1.0 %

Shares of ETN opened at $335.00 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.07. Eaton Co. plc has a one year low of $211.99 and a one year high of $349.74. The company has a market cap of $133.36 billion, a P/E ratio of 35.64, a P/E/G ratio of 2.53 and a beta of 1.01. The firm has a 50 day simple moving average of $323.09 and a two-hundred day simple moving average of $318.31.

Eaton (NYSE:ETN – Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.47 earnings per share. Research analysts forecast that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ETN shares. Morgan Stanley initiated coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Evercore ISI reduced their target price 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. Jefferies Financial Group increased their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Mizuho boosted their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Citigroup assumed coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $341.00.

Get Our Latest Stock Report on Eaton

Insider Activity at Eaton

In other Eaton news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the transaction, the director now owns 500 shares in the company, valued at $149,485. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares in the company, valued at approximately $149,485. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 in the last quarter. 0.53% of the stock is owned by insiders.

About Eaton

(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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