Fifth Third Wealth Advisors LLC Buys 1,969 Shares of Eaton Co. plc (NYSE:ETN)

Fifth Third Wealth Advisors LLC raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 8.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 26,217 shares of the industrial products company’s stock after purchasing an additional 1,969 shares during the period. Eaton makes up 0.5% of Fifth Third Wealth Advisors LLC’s portfolio, making the stock its 28th biggest position. Fifth Third Wealth Advisors LLC’s holdings in Eaton were worth $8,689,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETN. Capital World Investors raised its stake in shares of Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after acquiring an additional 2,439,270 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of 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 acquiring an additional 1,070,024 shares during the period. Swedbank AB purchased a new position in Eaton during the second quarter valued at $225,974,000. Assenagon Asset Management S.A. boosted its holdings in shares of Eaton by 1,604.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after buying an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. increased its stake in shares of Eaton by 31,255.0% in the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after acquiring an additional 476,639 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ETN shares. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and upped their price objective for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective for the company. Mizuho boosted their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. UBS Group began coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note 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. Based on data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Insider Activity at Eaton

In related news, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares in the company, valued at $149,485. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their position. 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. Insiders own 0.33% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $357.83 on Tuesday. The business has a 50-day simple moving average of $337.19 and a two-hundred day simple moving average of $321.74. The stock has a market cap of $141.41 billion, a price-to-earnings ratio of 38.07, a PEG ratio of 2.85 and a beta of 1.01. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $373.49. 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 released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the business posted $2.47 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. On average, analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced 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. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio is 40.00%.

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.