Castle Wealth Management LLC Takes $991,000 Position in Eaton Co. plc (NYSE:ETN)

Castle Wealth Management LLC acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,990 shares of the industrial products company’s stock, valued at approximately $991,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Legal & General Group Plc boosted its position in shares of Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares in the last quarter. Capital World Investors raised its stake in Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the period. Janus Henderson Group PLC lifted its holdings in Eaton by 15.5% during the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock worth $412,108,000 after acquiring an additional 176,571 shares in the last quarter. International Assets Investment Management LLC grew 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 acquiring an additional 1,070,024 shares during the period. Finally, National Pension Service increased its holdings in shares of Eaton by 13.0% in the third quarter. National Pension Service now owns 865,820 shares of the industrial products company’s stock worth $286,967,000 after acquiring an additional 99,381 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 0.0 %

Shares of Eaton stock opened at $359.08 on Thursday. Eaton Co. plc has a 12-month low of $215.64 and a 12-month high of $366.08. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $325.92 and its 200-day moving average is $319.05. The stock has a market cap of $141.91 billion, a P/E ratio of 38.22, a P/E/G ratio of 2.66 and a beta of 1.01.

Eaton (NYSE:ETN) last posted 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 firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.47 earnings per share. Equities research analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Evercore ISI lowered their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Sanford C. Bernstein started coverage on shares of Eaton in a research report on Tuesday. They issued an “outperform” rating and a $382.00 price objective on the stock. Finally, Barclays lowered their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $343.28.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,511 shares of company stock worth $17,150,526. Insiders own 0.33% of the company’s stock.

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.