Orrstown Financial Services Inc. Raises Position in Eaton Co. plc (NYSE:ETN)

Orrstown Financial Services Inc. grew its position in shares of Eaton Co. plc (NYSE:ETN) by 138.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,151 shares of the industrial products company’s stock after buying an additional 1,829 shares during the quarter. Orrstown Financial Services Inc.’s holdings in Eaton were worth $1,044,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Breakwater Investment Management lifted its holdings 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 valued at $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new position in Eaton during the 2nd quarter valued at about $29,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton during the 1st quarter valued at about $33,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton in the second quarter worth approximately $33,000. Finally, West Financial Advisors LLC purchased a new position in shares of Eaton during the third quarter valued at approximately $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction 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 acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on ETN shares. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Mizuho increased their target price on Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Finally, Royal Bank of Canada reduced their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $340.06.

Eaton Stock Up 0.3 %

Shares of ETN opened at $345.56 on Tuesday. The business’s 50 day moving average is $319.86 and its 200 day moving average is $317.69. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12-month low of $196.12 and a 12-month high of $349.74. The company has a market capitalization of $137.57 billion, a PE ratio of 38.02, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings data 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. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Research analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.09%. Eaton’s payout ratio is 41.36%.

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.