Congress Asset Management Co. Raises Stake in Eaton Co. plc (NYSE:ETN)

Congress Asset Management Co. raised its position in Eaton Co. plc (NYSE:ETN) by 0.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 521,400 shares of the industrial products company’s stock after buying an additional 1,056 shares during the period. Eaton accounts for 1.2% of Congress Asset Management Co.’s investment portfolio, making the stock its 9th biggest holding. Congress Asset Management Co.’s holdings in Eaton were worth $172,813,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Breakwater Investment Management raised its position in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. purchased a new stake in Eaton during the second quarter valued at about $29,000. LGT Financial Advisors LLC bought a new stake in Eaton during the 2nd quarter valued at $33,000. West Financial Advisors LLC bought a new position in shares of Eaton in the third quarter worth $35,000. Finally, DT Investment Partners LLC bought a new stake in shares of Eaton during the 3rd quarter valued at $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Down 5.2 %

ETN traded down $17.71 during trading on Thursday, hitting $325.10. 600,681 shares of the company’s stock traded hands, compared to its average volume of 2,090,221. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12-month low of $198.68 and a 12-month high of $349.74. The stock has a market capitalization of $129.42 billion, a price-to-earnings ratio of 37.71, a PEG ratio of 2.62 and a beta of 1.02. The company’s 50 day simple moving average is $321.71 and its two-hundred day simple moving average is $318.06.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is presently 41.36%.

Insiders Place Their Bets

In related news, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Eaton news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on ETN. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Jefferies Financial Group boosted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Mizuho boosted their target price on Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Raymond James lowered their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus price target of $340.06.

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.