7,920 Shares in Eaton Co. plc (NYSE:ETN) Purchased by CoreCap Advisors LLC

CoreCap Advisors LLC bought a new position in Eaton Co. plc (NYSE:ETN) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 7,920 shares of the industrial products company’s stock, valued at approximately $2,483,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. LifeSteps Financial Inc. acquired a new position in shares of Eaton during the 1st quarter valued at about $25,000. Atwood & Palmer Inc. grew its stake in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares during the period. Clear Investment Research LLC acquired a new stake in shares of Eaton during the 4th quarter worth approximately $29,000. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the 2nd quarter valued at approximately $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Eaton in the first quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Up 2.1 %

Shares of NYSE:ETN opened at $303.39 on Friday. The company has a market capitalization of $120.78 billion, a P/E ratio of 35.82, a P/E/G ratio of 2.28 and a beta of 1.01. The stock’s fifty day simple moving average is $300.80 and its 200-day simple moving average is $311.32. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. As a group, equities research analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Insider Transactions at Eaton

In related news, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares in the company, valued at approximately $149,485. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction dated 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 directly owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 in the last three months. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ETN. Evercore ISI lowered their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Jefferies Financial Group raised their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Barclays boosted their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada lowered their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $335.18.

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.