Physicians Financial Services Inc. Makes New Investment in Eaton Co. plc (NYSE:ETN)

Physicians Financial Services Inc. purchased a new stake in Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,364 shares of the industrial products company’s stock, valued at approximately $2,441,000.

A number of other hedge funds have also added to or reduced their stakes in ETN. Geneos Wealth Management Inc. grew its position in Eaton by 10.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,862 shares of the industrial products company’s stock valued at $582,000 after acquiring an additional 172 shares during the last quarter. Empowered Funds LLC raised its position 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 last quarter. Highland Capital Management LLC grew its holdings in shares of Eaton by 4.5% in the first quarter. Highland Capital Management LLC now owns 27,433 shares of the industrial products company’s stock worth $8,578,000 after acquiring an additional 1,190 shares during the period. Hyman Charles D boosted its stake in shares of Eaton by 7.7% during the 1st quarter. Hyman Charles D now owns 4,792 shares of the industrial products company’s stock worth $1,498,000 after acquiring an additional 344 shares during the last quarter. Finally, Forsta AP Fonden raised its position in shares of Eaton by 12.6% during the 1st quarter. Forsta AP Fonden now owns 94,700 shares of the industrial products company’s stock valued at $29,611,000 after purchasing an additional 10,600 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Trading Up 0.8 %

Shares of ETN traded up $2.90 during mid-day trading on Friday, reaching $363.46. The stock had a trading volume of 556,037 shares, compared to its average volume of 2,109,005. Eaton Co. plc has a 52-week low of $217.61 and a 52-week high of $366.08. The firm has a market cap of $143.64 billion, a price-to-earnings ratio of 38.36, a P/E/G ratio of 2.66 and a beta of 1.01. The business’s fifty day moving average is $325.92 and its 200 day moving average is $319.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last announced its quarterly earnings results 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. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $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 company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 40.00%.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,080 shares of company stock worth $39,375,088 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ETN. Sanford C. Bernstein began coverage on Eaton in a research note on Tuesday. They set an “outperform” rating and a $382.00 price target for the company. Citigroup began coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $343.28.

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.