Meitav Investment House Ltd. Makes New $51.88 Million Investment in Eaton Co. plc (NYSE:ETN)

Meitav Investment House Ltd. acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the third quarter, HoldingsChannel.com reports. The fund acquired 156,513 shares of the industrial products company’s stock, valued at approximately $51,875,000.

Other large investors also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. grew its stake in shares of Eaton by 36.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 1,450 shares of the industrial products company’s stock worth $453,000 after purchasing an additional 384 shares during the period. Valley National Advisers Inc. grew its stake in shares of Eaton by 5.6% during the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock worth $213,000 after purchasing an additional 36 shares during the period. Norden Group LLC acquired a new position in shares of Eaton during the 1st quarter worth $2,176,000. Accel Wealth Management grew its stake in shares of Eaton by 57.7% during the 1st quarter. Accel Wealth Management now owns 1,364 shares of the industrial products company’s stock worth $426,000 after purchasing an additional 499 shares during the period. Finally, Everett Harris & Co. CA acquired a new position in shares of Eaton during the 1st quarter worth $294,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 5.1 %

NYSE ETN opened at $325.43 on Thursday. Eaton Co. plc has a one year low of $198.68 and a one year high of $349.74. The company’s 50 day moving average price is $321.71 and its 200 day moving average price is $318.06. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The firm has a market capitalization of $129.55 billion, a price-to-earnings ratio of 37.71, a PEG ratio of 2.62 and a beta of 1.02.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 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 analyst estimates of $6.35 billion. On average, sell-side analysts predict that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.16%. Eaton’s payout ratio is 41.36%.

Analyst Ratings Changes

ETN has been the topic of a number of research reports. Mizuho increased their price objective on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Barclays increased their price objective on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Jefferies Financial Group increased their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $340.06.

Insider Activity at Eaton

In other news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, 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. Over the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. Company 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.