Connable Office Inc. Makes New $2.03 Million Investment in Eaton Co. plc (NYSE:ETN)

Connable Office Inc. acquired a new stake in Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,138 shares of the industrial products company’s stock, valued at approximately $2,034,000.

A number of other hedge funds also recently made changes to their positions in the company. Breakwater Investment Management increased its stake in Eaton by 1,560.0% during the 2nd 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 period. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the second quarter worth about $33,000. West Financial Advisors LLC purchased a new position in Eaton in the third quarter valued at about $35,000. Finally, DT Investment Partners LLC acquired a new stake in Eaton during the 3rd quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $361.85 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The firm has a fifty day moving average of $332.81 and a 200-day moving average of $320.84. The company has a market cap of $143.00 billion, a price-to-earnings ratio of 38.49, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during 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%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.47 EPS. As a group, equities analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.04%. The ex-dividend date is Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 68,705 shares of company stock worth $24,516,346 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on ETN shares. Citigroup initiated coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and increased their price objective for the company from $333.00 to $389.00 in a research note on Wednesday. Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. Mizuho increased their price target on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, UBS Group started coverage on Eaton in a research note on Wednesday. They issued a “buy” rating and a $431.00 price target for the company. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

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.