Patron Partners LLC Increases Stock Holdings in Eaton Co. plc (NYSE:ETN)

Patron Partners LLC raised its position in shares of Eaton Co. plc (NYSE:ETN) by 6.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,801 shares of the industrial products company’s stock after acquiring an additional 160 shares during the period. Patron Partners LLC’s holdings in Eaton were worth $928,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake in Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after buying an additional 18,077 shares in the last quarter. Capital World Investors boosted its stake in Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Eaton by 15.5% during the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock worth $412,108,000 after acquiring an additional 176,571 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after acquiring an additional 1,070,024 shares in the last quarter. Finally, National Pension Service boosted its position in shares of Eaton by 13.0% in the third quarter. National Pension Service now owns 865,820 shares of the industrial products company’s stock worth $286,967,000 after buying an additional 99,381 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Eaton news, Director Karenann K. Terrell bought 500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was 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 $21,451,287.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,745 shares of company stock worth $39,278,367. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ETN shares. Evercore ISI reduced their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Barclays dropped their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Sanford C. Bernstein initiated coverage on Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $343.28.

Eaton Price Performance

Shares of NYSE ETN opened at $371.95 on Tuesday. The firm has a market cap of $146.99 billion, a PE ratio of 39.57, a PEG ratio of 2.94 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 1-year low of $220.24 and a 1-year high of $373.39. The company has a fifty day moving average price of $328.30 and a 200 day moving average price of $319.80.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.01%. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

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.