WT Asset Management Ltd Increases Stake in Eaton Co. plc (NYSE:ETN)

WT Asset Management Ltd grew its position in Eaton Co. plc (NYSE:ETN) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 137,200 shares of the industrial products company’s stock after purchasing an additional 4,740 shares during the quarter. Eaton makes up about 8.9% of WT Asset Management Ltd’s portfolio, making the stock its 5th largest position. WT Asset Management Ltd’s holdings in Eaton were worth $45,474,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ETN. Hennion & Walsh Asset Management Inc. boosted its position in shares of Eaton by 36.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 1,450 shares of the industrial products company’s stock worth $453,000 after purchasing an additional 384 shares in the last quarter. Norden Group LLC bought a new position in shares of Eaton in the 1st quarter worth $2,176,000. J.W. Cole Advisors Inc. increased its stake in Eaton by 15.9% during the 1st quarter. J.W. Cole Advisors Inc. now owns 2,018 shares of the industrial products company’s stock valued at $631,000 after purchasing an additional 277 shares in the last quarter. Private Advisor Group LLC raised its holdings in Eaton by 4.4% during the first quarter. Private Advisor Group LLC now owns 31,218 shares of the industrial products company’s stock worth $9,761,000 after buying an additional 1,314 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in shares of Eaton during the first quarter worth about $371,000. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction 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 transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’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 of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. This represents a 0.00 % decrease in their position. 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. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ETN. Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Barclays dropped their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday. Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Finally, Morgan Stanley started coverage on Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.65.

Eaton Price Performance

Shares of Eaton stock traded up $1.31 during trading on Friday, hitting $332.89. 407,321 shares of the stock traded hands, compared to its average volume of 2,097,707. The stock has a market cap of $132.52 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 2.62 and a beta of 1.02. The firm’s fifty day moving average is $322.39 and its 200-day moving average is $318.15. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 52 week low of $211.99 and a 52 week high of $349.74.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.47 EPS. Research analysts expect that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.13%. Eaton’s payout ratio is 41.36%.

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.