New York Life Investment Management LLC Buys 355 Shares of Eaton Co. plc (NYSE:ETN)

New York Life Investment Management LLC lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 54,995 shares of the industrial products company’s stock after acquiring an additional 355 shares during the period. New York Life Investment Management LLC’s holdings in Eaton were worth $17,244,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Congress Wealth Management LLC DE boosted its holdings in shares of Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares in the last quarter. Norden Group LLC bought a new position in Eaton during the first quarter valued at approximately $2,176,000. Weiss Asset Management LP purchased a new position in shares of Eaton during the fourth quarter worth approximately $1,001,000. Prospector Partners LLC lifted its holdings in shares of Eaton by 0.6% in the 4th quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock worth $17,172,000 after acquiring an additional 415 shares during the last quarter. Finally, Griffin Asset Management Inc. purchased a new stake in shares of Eaton in the 1st quarter valued at $813,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were 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 in the company, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction dated 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 approximately $662,161.50. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 in the last three months. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $284.93 on Friday. The company has a 50-day simple moving average of $302.48 and a two-hundred day simple moving average of $310.93. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The firm has a market capitalization of $113.92 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.01. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ETN. Morgan Stanley assumed coverage on shares of Eaton in a research report on Friday. They issued an “overweight” rating and a $370.00 target price on the stock. Barclays boosted their target price on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday. Royal Bank of Canada lowered their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Jefferies Financial Group raised their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $335.76.

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.