Asset Dedication LLC Acquires 146 Shares of Eaton Co. plc (NYSE:ETN)

Asset Dedication LLC raised its holdings in Eaton Co. plc (NYSE:ETN) by 2.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,620 shares of the industrial products company’s stock after buying an additional 146 shares during the period. Asset Dedication LLC’s holdings in Eaton were worth $2,076,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Stonebrook Private Inc. boosted its position in Eaton by 7.5% during the second quarter. Stonebrook Private Inc. now owns 21,104 shares of the industrial products company’s stock worth $6,617,000 after purchasing an additional 1,468 shares during the period. Chicago Capital LLC boosted its holdings in shares of Eaton by 37.8% during the 2nd quarter. Chicago Capital LLC now owns 61,702 shares of the industrial products company’s stock worth $19,347,000 after buying an additional 16,916 shares during the period. Lake Street Advisors Group LLC grew its stake in Eaton by 1.5% in the 2nd quarter. Lake Street Advisors Group LLC now owns 22,009 shares of the industrial products company’s stock valued at $6,901,000 after buying an additional 332 shares during the last quarter. Advisor OS LLC lifted its position in Eaton by 11.1% during the second quarter. Advisor OS LLC now owns 1,782 shares of the industrial products company’s stock worth $559,000 after acquiring an additional 178 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Eaton by 5.9% during the second quarter. Private Advisor Group LLC now owns 33,056 shares of the industrial products company’s stock worth $10,365,000 after acquiring an additional 1,838 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ETN shares. Raymond James initiated coverage on Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 target price on the stock. Morgan Stanley began coverage on Eaton in a research report on Friday. They issued an “overweight” rating and a $370.00 price target on the stock. Royal Bank of Canada decreased their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday. Finally, Barclays boosted their price target on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $335.76.

Insider Buying and Selling

In other news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 over the last ninety days. 0.53% of the stock is owned by company insiders.

Eaton Stock Down 0.3 %

Shares of NYSE ETN opened at $284.97 on Friday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The firm has a market cap of $113.93 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.01. The company has a 50 day simple moving average of $302.48 and a 200 day simple moving average of $311.18.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, research analysts forecast that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.32%. Eaton’s dividend payout ratio (DPR) is 44.39%.

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.