Eaton Co. plc (NYSE:ETN) Shares Bought by Tower Bridge Advisors

Tower Bridge Advisors lifted its position in shares of Eaton Co. plc (NYSE:ETN) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,429 shares of the industrial products company’s stock after buying an additional 450 shares during the quarter. Eaton makes up about 1.1% of Tower Bridge Advisors’ holdings, making the stock its 26th largest position. Tower Bridge Advisors’ holdings in Eaton were worth $11,080,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ETN. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton during the 2nd quarter worth approximately $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton in the 2nd quarter valued at approximately $33,000. West Financial Advisors LLC acquired a new stake in Eaton during the 3rd quarter valued at $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Eaton during the second quarter worth $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ETN has been the topic of several recent research reports. Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. UBS Group started coverage on shares of Eaton in a report on Wednesday. They issued a “buy” rating and a $431.00 target price on the stock. Barclays lowered their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and upped their price objective for the company from $333.00 to $389.00 in a research note on Wednesday. Finally, Bank of America raised their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Eaton Price Performance

ETN stock opened at $358.99 on Friday. The stock has a 50-day moving average price of $335.82 and a two-hundred day moving average price of $321.37. The company has a market cap of $141.87 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the previous year, the business earned $2.47 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, research analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is presently 40.00%.

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.