Prospector Partners LLC Has $24.61 Million Stake in Eaton Co. plc (NYSE:ETN)

Prospector Partners LLC grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,260 shares of the industrial products company’s stock after buying an additional 1,411 shares during the period. Eaton makes up 2.6% of Prospector Partners LLC’s portfolio, making the stock its 7th biggest position. Prospector Partners LLC’s holdings in Eaton were worth $24,613,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC raised its holdings in Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after buying an additional 1,070,024 shares during the period. Swedbank AB bought a new stake in Eaton in the 2nd quarter valued at $225,974,000. Assenagon Asset Management S.A. boosted its stake in Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after purchasing an additional 634,059 shares during the period. Wulff Hansen & CO. increased its holdings in Eaton by 31,255.0% during the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares in the last quarter. Finally, Electron Capital Partners LLC raised its stake in shares of Eaton by 8,348.9% in the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock valued at $140,008,000 after purchasing an additional 441,239 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

Shares of Eaton stock opened at $376.56 on Tuesday. The stock has a market capitalization of $148.81 billion, a price-to-earnings ratio of 40.06, a price-to-earnings-growth ratio of 2.99 and a beta of 1.01. The company has a fifty day moving average of $344.15 and a 200-day moving average of $323.22. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $379.12. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.47 earnings per share. Equities research analysts expect that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. Eaton’s dividend payout ratio (DPR) is 40.00%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Bank of America lifted their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. Finally, Wells Fargo & Company lifted 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. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction that occurred 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 purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 61,569 shares of the business’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 transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,705 shares of company stock valued at $24,516,346. Corporate insiders own 0.33% of the company’s stock.

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.