Pegasus Asset Management Inc. Has $10.29 Million Position in Eaton Co. plc (NYSE:ETN)

Pegasus Asset Management Inc. decreased its holdings in Eaton Co. plc (NYSE:ETN) by 1.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,055 shares of the industrial products company’s stock after selling 603 shares during the period. Eaton comprises approximately 3.9% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 4th biggest holding. Pegasus Asset Management Inc.’s holdings in Eaton were worth $10,293,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Breakwater Investment Management increased its position in shares of 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 purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton during the second quarter worth $29,000. Redmont Wealth Advisors LLC acquired a new position in shares of Eaton during the first quarter worth $33,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the second quarter worth $33,000. Finally, West Financial Advisors LLC acquired a new position in shares of Eaton during the third quarter worth $35,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Evercore ISI cut their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Mizuho upped their target price on Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.06.

Eaton Price Performance

Shares of ETN stock traded down $2.50 during mid-day trading on Tuesday, hitting $344.57. 530,931 shares of the stock were exchanged, compared to its average volume of 2,101,997. The firm has a fifty day moving average of $315.18 and a 200 day moving average of $316.83. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 52-week low of $193.26 and a 52-week high of $349.74. The company has a market cap of $137.76 billion, a PE ratio of 40.77, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Research analysts anticipate that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated 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 owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 in the last 90 days. 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.