Kestra Investment Management LLC Purchases Shares of 1,850 Eaton Co. plc (NYSE:ETN)

Kestra Investment Management LLC acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,850 shares of the industrial products company’s stock, valued at approximately $613,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. B&L Asset Management LLC acquired a new position in Eaton during the 3rd quarter valued at approximately $2,010,000. True Wealth Design LLC grew its holdings in shares of Eaton by 1,622.2% during the third quarter. True Wealth Design LLC now owns 155 shares of the industrial products company’s stock valued at $51,000 after buying an additional 146 shares during the last quarter. Tradition Wealth Management LLC increased its position in shares of Eaton by 5.7% in the 3rd quarter. Tradition Wealth Management LLC now owns 2,760 shares of the industrial products company’s stock valued at $915,000 after acquiring an additional 148 shares during the period. Maverick Capital Ltd. grew its stake in Eaton by 403.1% during the 3rd quarter. Maverick Capital Ltd. now owns 12,553 shares of the industrial products company’s stock valued at $4,161,000 after purchasing an additional 10,058 shares during the last quarter. Finally, Edgestream Partners L.P. grew its stake in Eaton by 16.5% during the 3rd quarter. Edgestream Partners L.P. now owns 2,318 shares of the industrial products company’s stock valued at $768,000 after purchasing an additional 329 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ETN has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and raised their target price for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Citigroup began coverage on shares of Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Performance

ETN opened at $375.42 on Monday. The firm’s fifty day simple moving average is $348.37 and its two-hundred day simple moving average is $324.41. Eaton Co. plc has a 52-week low of $224.61 and a 52-week high of $379.99. The company has a market cap of $148.37 billion, a price-to-earnings ratio of 39.94, a PEG ratio of 2.84 and a beta of 1.01. 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 (NYSE:ETN) last issued its quarterly earnings results 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. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same period last year, the company posted $2.47 EPS. Eaton’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Insider Transactions at Eaton

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the transaction, the director now owns 51,422 shares of the company’s stock, valued at $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock valued at $24,100,317 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

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.