Safe Harbor Fiduciary LLC Acquires New Stake in Eaton Co. plc (NYSE:ETN)

Safe Harbor Fiduciary LLC acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 405 shares of the industrial products company’s stock, valued at approximately $134,000.

A number of other large investors also recently bought and sold shares of the business. Quantinno Capital Management LP lifted its holdings in shares of Eaton by 50.2% in the 3rd quarter. Quantinno Capital Management LP now owns 34,438 shares of the industrial products company’s stock worth $11,414,000 after buying an additional 11,506 shares during the period. Royal London Asset Management Ltd. lifted its holdings in shares of Eaton by 5.2% in the 3rd quarter. Royal London Asset Management Ltd. now owns 195,351 shares of the industrial products company’s stock worth $64,747,000 after buying an additional 9,612 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Eaton in the 3rd quarter worth $104,438,000. Polar Asset Management Partners Inc. lifted its holdings in shares of Eaton by 57.5% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 12,758 shares of the industrial products company’s stock worth $4,229,000 after buying an additional 4,658 shares during the period. Finally, Millburn Ridgefield Corp purchased a new stake in shares of Eaton in the 3rd quarter worth $235,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’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 transaction, the insider now owns 31,200 shares in the company, valued at $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were 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 owns 51,422 shares in the company, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,981 shares of company stock worth $24,100,317 over the last quarter. 0.53% of the stock is currently owned by corporate insiders.

Eaton Stock Up 1.0 %

Shares of ETN opened at $377.50 on Thursday. Eaton Co. plc has a 52 week low of $224.61 and a 52 week high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $149.19 billion, a price-to-earnings ratio of 40.16, a PEG ratio of 2.83 and a beta of 1.03. The stock’s 50-day moving average price is $351.12 and its 200-day moving average price is $325.38.

Eaton (NYSE:ETN) last issued 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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.47 earnings per share. On average, sell-side analysts predict that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ETN. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and upped their price objective for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Raymond James decreased their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Citigroup started coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price objective for the company. Mizuho upped their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Barclays reduced their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

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.