Cornerstone Capital Inc. Invests $3.01 Million in Eaton Co. plc (NYSE:ETN)

Cornerstone Capital Inc. purchased a new stake in Eaton Co. plc (NYSE:ETN) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 9,075 shares of the industrial products company’s stock, valued at approximately $3,008,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Breakwater Investment Management lifted its position in shares of Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the second quarter worth $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the second quarter worth $33,000. West Financial Advisors LLC bought a new stake in Eaton during the 3rd quarter worth $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Eaton in the 2nd quarter worth about $37,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, for a total transaction 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 disclosure for this purchase can be found here. In the last quarter, insiders have sold 56,511 shares of company stock valued at $17,150,526. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ETN shares. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Barclays decreased their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday. Raymond James reduced their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Jefferies Financial Group raised their target price on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Mizuho upped their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $343.28.

Eaton Stock Up 1.4 %

NYSE ETN traded up $4.52 on Tuesday, hitting $335.65. 251,288 shares of the company were exchanged, compared to its average volume of 2,097,524. Eaton Co. plc has a 12 month low of $211.99 and a 12 month high of $349.74. The company has a market cap of $132.65 billion, a PE ratio of 35.84, a PEG ratio of 2.55 and a beta of 1.01. The stock has a fifty day moving average of $323.78 and a 200-day moving average of $318.52. 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 (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the company posted $2.47 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts forecast that Eaton Co. plc will post 10.78 earnings per share 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 given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is presently 40.00%.

Eaton Company 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.