Eaton Co. plc (NYSE:ETN) Stock Position Raised by Brooklyn Investment Group

Brooklyn Investment Group raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 4.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,087 shares of the industrial products company’s stock after purchasing an additional 173 shares during the period. Brooklyn Investment Group’s holdings in Eaton were worth $1,355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ETN. Breakwater Investment Management increased its position in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton during the 2nd quarter worth $29,000. LGT Financial Advisors LLC bought a new position in shares of Eaton during the 2nd quarter valued at $33,000. West Financial Advisors LLC bought a new stake in Eaton in the third quarter worth $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of Eaton in the second quarter worth about $37,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

Shares of ETN opened at $378.00 on Tuesday. The company has a 50 day moving average of $344.15 and a 200-day moving average of $323.22. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $149.39 billion, a P/E ratio of 40.06, a P/E/G ratio of 2.99 and a beta of 1.01. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $379.12.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during 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 revenue was up 7.9% on a year-over-year basis. During the same period last year, the firm posted $2.47 earnings per share. As a group, equities research analysts forecast that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 0.99%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling at Eaton

In other news, 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 transaction of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares of the company’s stock, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock valued at $24,516,346 in the last quarter. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ETN. Barclays lowered their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Mizuho raised their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and raised their target price for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. Finally, Wells Fargo & Company raised their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Eaton presently 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.