Beacon Investment Advisory Services Inc. Grows Stake in Eaton Co. plc (NYSE:ETN)

Beacon Investment Advisory Services Inc. lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,328 shares of the industrial products company’s stock after purchasing an additional 575 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Eaton were worth $15,355,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after acquiring an additional 1,629,856 shares during the period. International Assets Investment Management LLC boosted its holdings in Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after buying an additional 1,070,024 shares during the period. Swedbank AB purchased a new position in Eaton in the 2nd quarter valued at approximately $225,974,000. Assenagon Asset Management S.A. raised its holdings in 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 valued at $211,201,000 after acquiring an additional 634,059 shares during the period. Finally, Wulff Hansen & CO. lifted its position in shares of Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after acquiring an additional 476,639 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ETN shares. UBS Group initiated coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Barclays cut their price objective on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Raymond James decreased their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Mizuho raised their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $357.83.

Eaton Price Performance

Shares of Eaton stock opened at $375.42 on Monday. The business’s 50-day moving average price is $348.37 and its 200-day moving average price is $324.41. The firm has a market capitalization of $148.37 billion, a PE ratio of 39.94, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. Eaton Co. plc has a 12 month low of $224.61 and a 12 month high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last issued 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 net margin of 15.32% and a return on equity of 21.97%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the business earned $2.47 earnings per share. Sell-side analysts forecast that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is presently 40.00%.

Insider Buying and Selling at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at $662,161.50. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 66,981 shares of company stock worth $24,100,317 over the last three months. Company insiders own 0.53% of the company’s stock.

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.