Eaton Co. plc (NYSE:ETN) Shares Bought by Payden & Rygel

Payden & Rygel lifted its holdings in Eaton Co. plc (NYSE:ETN) by 64.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 81,640 shares of the industrial products company’s stock after acquiring an additional 32,100 shares during the quarter. Eaton makes up about 2.1% of Payden & Rygel’s portfolio, making the stock its 9th biggest holding. Payden & Rygel’s holdings in Eaton were worth $27,059,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. IAM Advisory LLC purchased a new position in Eaton in the 2nd quarter worth about $599,000. Interval Partners LP raised its holdings in shares of Eaton by 82.7% during the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after acquiring an additional 68,693 shares during the period. Scientech Research LLC lifted its position in shares of Eaton by 285.5% in the 2nd quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after acquiring an additional 4,254 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Eaton by 25.9% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after purchasing an additional 5,676 shares in the last quarter. Finally, Leavell Investment Management Inc. raised its stake in Eaton by 67.6% during the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock valued at $2,683,000 after purchasing an additional 3,452 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ETN shares. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and set a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Raymond James dropped their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. UBS Group initiated coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target on the stock. Finally, Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $357.83.

Eaton Stock Performance

ETN traded down $2.12 during midday trading on Wednesday, reaching $361.57. The company’s stock had a trading volume of 305,781 shares, compared to its average volume of 2,101,268. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $373.49. The stock has a market cap of $142.89 billion, a P/E ratio of 38.44, a PEG ratio of 2.85 and a beta of 1.01. The company has a fifty day simple moving average of $338.69 and a 200 day simple moving average of $322.04. The company has a current ratio of 1.53, a quick ratio of 1.00 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 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.37 billion. During the same period in the prior year, the company earned $2.47 EPS. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. Research analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.04%. Eaton’s dividend payout ratio is currently 40.00%.

Insider Transactions at Eaton

In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is owned by corporate insiders.

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.