HM Payson & Co. Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

HM Payson & Co. grew its holdings in Eaton Co. plc (NYSE:ETN) by 44.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,956 shares of the industrial products company’s stock after buying an additional 910 shares during the quarter. HM Payson & Co.’s holdings in Eaton were worth $980,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Norden Group LLC purchased a new stake in Eaton in the 1st quarter worth $2,176,000. IAM Advisory LLC acquired a new position in shares of Eaton during the 2nd quarter worth about $599,000. Envestnet Portfolio Solutions Inc. lifted its stake in Eaton by 19.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after buying an additional 12,689 shares in the last quarter. Interval Partners LP boosted its holdings in Eaton by 82.7% in the 2nd quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after buying an additional 68,693 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in Eaton by 302.4% during the 1st quarter. Empowered Funds LLC now owns 23,273 shares of the industrial products company’s stock worth $7,277,000 after buying an additional 17,490 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of Eaton stock opened at $331.54 on Friday. The business’s fifty day simple moving average is $322.39 and its 200-day simple 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. The firm has a market cap of $131.99 billion, a PE ratio of 36.47, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. Eaton Co. plc has a 52 week low of $198.68 and a 52 week high of $349.74.

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

Eaton Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on ETN. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Evercore ISI dropped their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Wells Fargo & Company raised their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Raymond James lowered their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Finally, Jefferies Financial Group raised their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average target price of $340.06.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction 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 sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $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 ninety days. Company insiders own 0.33% of the company’s stock.

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.