Whittier Trust Co. Grows Stake in Eaton Co. plc (NYSE:ETN)

Whittier Trust Co. raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 252,722 shares of the industrial products company’s stock after purchasing an additional 4,444 shares during the quarter. Eaton accounts for 1.1% of Whittier Trust Co.’s portfolio, making the stock its 15th largest position. Whittier Trust Co.’s holdings in Eaton were worth $83,762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norden Group LLC acquired a new position in shares of Eaton in the 1st quarter worth approximately $2,176,000. Griffin Asset Management Inc. acquired a new position in Eaton in the first quarter valued at approximately $813,000. IAM Advisory LLC acquired a new stake in shares of Eaton during the 2nd quarter worth approximately $599,000. Envestnet Portfolio Solutions Inc. raised its stake in Eaton by 19.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after acquiring an additional 12,689 shares in the last quarter. Finally, Interval Partners LP grew its stake in shares of Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after purchasing an additional 68,693 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Down 0.6 %

Shares of ETN stock traded down $2.04 on Monday, reaching $346.14. 599,209 shares of the company’s stock traded hands, compared to its average volume of 2,107,424. The company has a market capitalization of $138.39 billion, a P/E ratio of 41.11, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 12-month low of $193.26 and a 12-month high of $349.74. 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 business’s 50 day moving average price is $314.01 and its two-hundred day moving average price is $316.65.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, equities analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Analysts Set New Price Targets

Several research firms recently weighed in on ETN. Raymond James reduced their price objective 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. Wells Fargo & Company increased their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley began coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Evercore ISI lowered their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $340.06.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by insiders.

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.