Beech Hill Advisors Inc. Has $5.73 Million Stake in Eaton Co. plc (NYSE:ETN)

Beech Hill Advisors Inc. decreased its holdings in Eaton Co. plc (NYSE:ETN) by 28.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 17,276 shares of the industrial products company’s stock after selling 6,736 shares during the quarter. Eaton accounts for about 2.2% of Beech Hill Advisors Inc.’s holdings, making the stock its 10th biggest position. Beech Hill Advisors Inc.’s holdings in Eaton were worth $5,726,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ETN. Rheos Capital Works Inc. grew its stake in Eaton by 233.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 50,000 shares of the industrial products company’s stock valued at $16,572,000 after buying an additional 35,000 shares during the last quarter. SPC Financial Inc. increased its stake in shares of Eaton by 17.8% during the third quarter. SPC Financial Inc. now owns 11,769 shares of the industrial products company’s stock worth $3,901,000 after purchasing an additional 1,779 shares during the period. B.O.S.S. Retirement Advisors LLC lifted its holdings in Eaton by 18.4% during the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 1,270 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 197 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Eaton by 52.6% in the 3rd quarter. Vontobel Holding Ltd. now owns 26,611 shares of the industrial products company’s stock valued at $8,820,000 after purchasing an additional 9,174 shares during the period. Finally, Sumitomo Life Insurance Co. grew its holdings in Eaton by 1.6% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 12,968 shares of the industrial products company’s stock valued at $4,298,000 after buying an additional 209 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Dorothy C. Thompson bought 2,205 shares of the business’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 acquisition, the director now 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 is available at this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ETN. Evercore ISI decreased their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Wells Fargo & Company raised their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Royal Bank of Canada reduced their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Citigroup began coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.47.

Eaton Stock Up 0.9 %

ETN stock opened at $341.10 on Thursday. The firm has a 50-day moving average price of $311.66 and a 200-day moving average price of $316.19. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $347.35. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $136.37 billion, a P/E ratio of 40.27, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors 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 yield of 1.10%. Eaton’s dividend payout ratio is currently 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.