Eaton Co. plc (NYSE:ETN) Shares Bought by Providence Capital Advisors LLC

Providence Capital Advisors LLC lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 19,146 shares of the industrial products company’s stock after acquiring an additional 178 shares during the period. Eaton accounts for 1.3% of Providence Capital Advisors LLC’s portfolio, making the stock its 27th largest position. Providence Capital Advisors LLC’s holdings in Eaton were worth $6,346,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its position in 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 purchasing an additional 1,070,024 shares during the period. Swedbank AB bought a new position in shares of Eaton during the second quarter worth about $225,974,000. Assenagon Asset Management S.A. grew its position in shares of Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after acquiring an additional 634,059 shares in the last quarter. Wulff Hansen & CO. boosted its holdings in Eaton by 31,255.0% in the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares during the period. Finally, Electron Capital Partners LLC boosted its holdings in shares of Eaton by 8,348.9% in the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock valued at $140,008,000 after buying an additional 441,239 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN opened at $371.97 on Thursday. The business has a fifty day simple moving average of $346.61 and a 200 day simple moving average of $323.89. 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 $224.52 and a 1 year high of $379.99. The firm has a market cap of $147.00 billion, a price-to-earnings ratio of 39.57, a P/E/G ratio of 2.99 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (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 business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the previous year, the company earned $2.47 EPS. The firm’s revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.01%. Eaton’s dividend payout ratio (DPR) is 40.00%.

Wall Street Analysts Forecast Growth

ETN has been the topic of several analyst reports. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and increased their target price for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Raymond James lowered 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. Barclays decreased their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Finally, Sanford C. Bernstein assumed coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,981 shares of company stock worth $24,100,317. 0.33% of the stock is owned by corporate insiders.

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.