Goldstone Financial Group LLC Acquires New Stake in Eaton Co. plc (NYSE:ETN)

Goldstone Financial Group LLC bought a new position in Eaton Co. plc (NYSE:ETN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,028 shares of the industrial products company’s stock, valued at approximately $341,000.

A number of other institutional investors have also recently modified their holdings of ETN. Breakwater Investment Management grew its position in Eaton by 1,560.0% during the 2nd 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 during the last quarter. Proffitt & Goodson Inc. bought a new position in shares of Eaton in the second quarter worth approximately $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the second quarter valued at approximately $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton during the third quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Eaton in the 2nd quarter worth approximately $37,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Karenann K. Terrell bought 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,511 shares of company stock valued at $15,809,326. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Mizuho lifted their target price on Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Jefferies Financial Group boosted their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price for the company. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $340.06.

Eaton Stock Performance

Shares of ETN opened at $331.54 on Friday. Eaton Co. plc has a 52 week low of $198.68 and a 52 week high of $349.74. 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 $131.99 billion, a price-to-earnings ratio of 36.47, a PEG ratio of 2.62 and a beta of 1.02. The business has a 50-day simple moving average of $322.39 and a two-hundred day simple moving average of $318.15.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, analysts expect that Eaton Co. plc will post 10.75 EPS for the current 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 annualized dividend and a dividend yield of 1.13%. Eaton’s payout ratio is 41.36%.

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.