Castle Wealth Management LLC Invests $991,000 in Eaton Co. plc (NYSE:ETN)

Castle Wealth Management LLC purchased a new stake in Eaton Co. plc (NYSE:ETN) in the third quarter, HoldingsChannel.com reports. The fund purchased 2,990 shares of the industrial products company’s stock, valued at approximately $991,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Breakwater Investment Management raised its position in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new position in Eaton during the second quarter valued at approximately $29,000. LGT Financial Advisors LLC bought a new stake in Eaton during the second quarter worth $33,000. West Financial Advisors LLC bought a new stake in Eaton during the third quarter worth $35,000. Finally, DT Investment Partners LLC bought a new position in shares of Eaton in the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s 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 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 sale was disclosed in a filing with the SEC, which is available through this link. In other Eaton news, 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 approximately $21,451,287.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value 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 three months, insiders have sold 56,511 shares of company stock valued at $17,150,526. 0.33% of the stock is currently owned by company insiders.

Eaton Trading Down 0.0 %

NYSE:ETN opened at $359.08 on Thursday. Eaton Co. plc has a 52 week low of $215.64 and a 52 week high of $366.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The firm’s fifty day moving average is $325.92 and its 200-day moving average is $319.05. The firm has a market cap of $141.91 billion, a P/E ratio of 38.22, a P/E/G ratio of 2.66 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS 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 business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the firm posted $2.47 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders 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 dividend on an annualized basis and a yield of 1.05%. Eaton’s payout ratio is currently 40.00%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ETN shares. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Raymond James lowered their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, Morgan Stanley initiated coverage on Eaton in a research note on Friday, September 6th. They set 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 fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $343.28.

Eaton 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.