781 Shares in Eaton Co. plc (NYSE:ETN) Bought by Hardy Reed LLC

Hardy Reed LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 781 shares of the industrial products company’s stock, valued at approximately $259,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legal & General Group Plc boosted its stake in 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 acquiring an additional 18,077 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Eaton by 2.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock worth $471,370,000 after buying an additional 40,078 shares during the last quarter. International Assets Investment Management LLC increased its position in Eaton by 27,075.5% during the 3rd 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 in the last quarter. PNC Financial Services Group Inc. raised its stake in Eaton by 8.8% during the third quarter. PNC Financial Services Group Inc. now owns 923,033 shares of the industrial products company’s stock valued at $305,930,000 after buying an additional 74,415 shares during the last quarter. Finally, National Pension Service raised its stake in Eaton by 13.0% during the third quarter. National Pension Service now owns 865,820 shares of the industrial products company’s stock valued at $286,967,000 after buying an additional 99,381 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Up 0.1 %

Shares of ETN stock opened at $377.23 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton Co. plc has a one year low of $224.52 and a one year high of $379.99. The company’s fifty day moving average price is $345.46 and its 200-day moving average price is $323.55. The company has a market capitalization of $149.08 billion, a price-to-earnings ratio of 40.13, a PEG ratio of 2.99 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 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the firm earned $2.47 earnings per share. Sell-side analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

Insider Activity

In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,117 shares of company stock worth $25,050,901 over the last quarter. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and upped their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Bank of America upped their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein began coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Barclays cut their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Finally, Wells Fargo & Company boosted their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton 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.