NovaPoint Capital LLC Buys 290 Shares of Eaton Co. plc (NYSE:ETN)

NovaPoint Capital LLC grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 7.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,273 shares of the industrial products company’s stock after buying an additional 290 shares during the period. NovaPoint Capital LLC’s holdings in Eaton were worth $1,416,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors boosted its holdings in Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the period. Jennison Associates LLC raised its holdings in shares of Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after acquiring an additional 1,219,790 shares in the last quarter. Swedbank AB bought a new stake in shares of Eaton during the 2nd quarter valued at about $225,974,000. Assenagon Asset Management S.A. grew its holdings in shares of Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after purchasing an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. increased its position in shares of Eaton by 31,255.0% in the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Down 0.1 %

NYSE ETN opened at $348.17 on Friday. The stock’s 50 day moving average is $314.01 and its 200 day moving average is $316.67. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $139.20 billion, a PE ratio of 41.11, a P/E/G ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $349.74.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) 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 company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Research analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.08%. Eaton’s dividend payout ratio is presently 44.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Evercore ISI decreased their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Jefferies Financial Group upped their target price on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Barclays upped their price objective on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Mizuho lifted their target price on shares of Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $340.06.

Insider Activity at Eaton

In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction 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 sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last 90 days. Corporate insiders own 0.53% 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.