Azzad Asset Management Inc. ADV Increases Stake in Eaton Co. plc (NYSE:ETN)

Azzad Asset Management Inc. ADV raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 0.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,704 shares of the industrial products company’s stock after buying an additional 72 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Eaton were worth $3,670,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ETN. Legacy Capital Group California Inc. grew its stake in Eaton by 1.2% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after acquiring an additional 32 shares in the last quarter. Well Done LLC increased its holdings in shares of Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock valued at $800,000 after purchasing an additional 33 shares during the last quarter. Verdence Capital Advisors LLC lifted its position in Eaton by 1.7% during the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock worth $644,000 after buying an additional 34 shares in the last quarter. Fragasso Group Inc. boosted its stake in Eaton by 3.6% during the first quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after buying an additional 36 shares during the last quarter. Finally, Valley National Advisers Inc. grew its holdings in Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock valued at $213,000 after buying an additional 36 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Eaton news, Director Karenann K. Terrell bought 500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 in the last ninety days. Insiders own 0.53% of the company’s stock.

Eaton Stock Up 2.0 %

Shares of ETN stock traded up $5.93 on Friday, reaching $307.02. 2,320,013 shares of the stock were exchanged, compared to its average volume of 2,169,083. The company has a market capitalization of $122.75 billion, a price-to-earnings ratio of 36.25, a PEG ratio of 2.47 and a beta of 1.02. The business’s 50 day moving average price is $305.37 and its 200 day moving average price is $310.17. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. As a group, sell-side analysts expect that Eaton Co. plc will post 10.66 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. HSBC lifted their price target on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Barclays boosted their target price on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Argus raised their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Royal Bank of Canada decreased their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Jefferies Financial Group upped their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $328.00.

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.