Jackson Square Capital LLC Grows Stock Holdings in Eaton Co. plc (NYSE:ETN)

Jackson Square Capital LLC boosted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 427.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,190 shares of the industrial products company’s stock after purchasing an additional 17,173 shares during the quarter. Eaton comprises about 1.7% of Jackson Square Capital LLC’s investment portfolio, making the stock its 12th largest position. Jackson Square Capital LLC’s holdings in Eaton were worth $7,023,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. IAM Advisory LLC purchased a new stake in shares of Eaton in the second quarter valued at $599,000. Envestnet Portfolio Solutions Inc. raised its stake in shares of Eaton by 19.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after acquiring an additional 12,689 shares during the period. Interval Partners LP raised its stake in shares of Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after acquiring an additional 68,693 shares during the period. Empowered Funds LLC increased its stake in Eaton by 302.4% in 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 during the period. Finally, Avantax Advisory Services Inc. increased its stake in Eaton by 40.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 19,513 shares of the industrial products company’s stock worth $6,101,000 after buying an additional 5,634 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ETN. Evercore ISI reduced their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James reduced their price target 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. Finally, Jefferies Financial Group raised their price target 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 research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $343.28.

Eaton Stock Up 6.5 %

Shares of Eaton stock opened at $359.26 on Thursday. The firm’s 50 day moving average price is $325.92 and its 200-day moving average price is $319.05. The company has a market cap of $141.98 billion, a P/E ratio of 38.22, a PEG ratio of 2.66 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 52-week low of $214.03 and a 52-week high of $366.08.

Eaton (NYSE:ETN) last released its earnings results 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. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. Eaton’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the business earned $2.47 EPS. On average, sell-side analysts predict that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The business 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. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling

In other Eaton news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Eaton news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were 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 of the company’s stock, valued at approximately $1,186,411.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,511 shares of company stock worth $17,150,526 in the last three months. Corporate 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.