Zweig DiMenna Associates LLC Has $12.98 Million Stake in Eaton Co. plc (NYSE:ETN)

Zweig DiMenna Associates LLC lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,156 shares of the industrial products company’s stock after selling 1,594 shares during the period. Eaton comprises 1.3% of Zweig DiMenna Associates LLC’s portfolio, making the stock its 26th largest holding. Zweig DiMenna Associates LLC’s holdings in Eaton were worth $12,978,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Breakwater Investment Management increased its stake in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new stake in Eaton during the second quarter valued at approximately $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton in the 2nd quarter valued at approximately $33,000. Redmont Wealth Advisors LLC acquired a new position in shares of Eaton in the 1st quarter worth approximately $33,000. Finally, West Financial Advisors LLC bought a new position in shares of Eaton during the 3rd quarter worth approximately $35,000. Institutional investors own 82.97% of the company’s stock.

Insider Transactions at Eaton

In related news, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 in the last three months. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ETN. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Mizuho increased 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, October 17th. Evercore ISI reduced their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Barclays upped their price objective on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Raymond James cut their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Four investment 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $340.06.

Eaton Price Performance

Eaton stock opened at $345.17 on Friday. The business’s 50-day simple moving average is $317.08 and its 200 day simple moving average is $317.12. 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 stock has a market cap of $138.00 billion, a price-to-earnings ratio of 40.75, a P/E/G ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 12-month low of $193.77 and a 12-month high of $349.74.

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

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

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.