Eaton Co. plc (NYSE:ETN) Stake Lifted by Geode Capital Management LLC

Geode Capital Management LLC increased its position in shares of Eaton Co. plc (NYSE:ETN) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,069,341 shares of the industrial products company’s stock after purchasing an additional 56,516 shares during the period. Geode Capital Management LLC owned 2.04% of Eaton worth $2,665,342,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC lifted its holdings in shares of Eaton by 4.2% in the third quarter. Prestige Wealth Management Group LLC now owns 1,919 shares of the industrial products company’s stock valued at $636,000 after buying an additional 78 shares during the period. Executive Wealth Management LLC raised its position in Eaton by 1.9% in the third quarter. Executive Wealth Management LLC now owns 8,616 shares of the industrial products company’s stock worth $2,856,000 after acquiring an additional 157 shares in the last quarter. Geller Advisors LLC lifted its holdings in Eaton by 66.9% in the 3rd quarter. Geller Advisors LLC now owns 2,704 shares of the industrial products company’s stock valued at $896,000 after acquiring an additional 1,084 shares during the last quarter. EWA LLC bought a new position in shares of Eaton during the 3rd quarter valued at about $205,000. Finally, Groupama Asset Managment grew its stake in shares of Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of research reports. Wells Fargo & Company raised their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Jefferies Financial Group raised their price objective on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group began coverage on Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Mizuho increased 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. Finally, Citigroup lifted their price target on Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $367.83.

Insider Buying and Selling 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 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 $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the transaction, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock worth $24,100,317 over the last ninety days. 0.53% of the stock is currently owned by insiders.

Eaton Trading Down 1.9 %

Shares of NYSE:ETN opened at $364.09 on Tuesday. The firm has a fifty day moving average of $353.40 and a two-hundred day moving average of $325.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12-month low of $231.84 and a 12-month high of $379.99. The firm has a market capitalization of $143.89 billion, a P/E ratio of 38.73, a price-to-earnings-growth ratio of 2.81 and a beta of 1.03.

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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the firm earned $2.47 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.03%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is presently 40.00%.

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.