Pinnacle Associates Ltd. Buys 28,689 Shares of Eaton Co. plc (NYSE:ETN)

Pinnacle Associates Ltd. grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 29.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 126,489 shares of the industrial products company’s stock after purchasing an additional 28,689 shares during the period. Pinnacle Associates Ltd.’s holdings in Eaton were worth $41,924,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in ETN. Breakwater Investment Management raised its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new stake in shares of Eaton in the 2nd quarter worth about $33,000. West Financial Advisors LLC bought a new position in Eaton in the 3rd quarter valued at about $35,000. Finally, DT Investment Partners LLC acquired a new position in Eaton during the 3rd quarter valued at about $37,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In other news, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at approximately $149,485. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Eaton news, Director Karenann K. Terrell acquired 500 shares of the business’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 acquisition, the director now owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Performance

Shares of ETN traded up $0.36 during trading hours on Wednesday, hitting $345.91. The company’s stock had a trading volume of 499,701 shares, compared to its average volume of 2,088,941. The business has a 50 day simple moving average of $320.85 and a two-hundred day simple moving average of $317.88. Eaton Co. plc has a 52-week low of $198.68 and a 52-week high of $349.74. 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 company has a market cap of $137.71 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 2.62 and a beta of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. On average, equities analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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 given a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.09%. Eaton’s dividend payout ratio (DPR) is currently 41.36%.

Analyst Upgrades and Downgrades

ETN has been the subject of several analyst reports. Mizuho increased their price objective on Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley initiated coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Barclays lifted their price objective on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada lowered their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Evercore ISI decreased their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $340.06.

Eaton Company Profile

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.