Lecap Asset Management Ltd. Invests $1.07 Million in Eaton Co. plc (NYSE:ETN)

Lecap Asset Management Ltd. purchased a new stake in Eaton Co. plc (NYSE:ETN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,409 shares of the industrial products company’s stock, valued at approximately $1,069,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after acquiring an additional 259,615 shares during the period. Norges Bank purchased a new position in Eaton during the fourth quarter worth about $1,087,983,000. Coatue Management LLC boosted its holdings in Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after purchasing an additional 195,809 shares during the last quarter. Raymond James & Associates grew its stake in shares of Eaton by 1.7% in the 1st quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock valued at $1,189,488,000 after buying an additional 64,446 shares during the period. Finally, Capital World Investors increased its holdings in shares of Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Eaton Stock Up 1.2 %

NYSE:ETN traded up $3.49 during midday trading on Wednesday, reaching $299.73. The company had a trading volume of 1,400,562 shares, compared to its average volume of 2,175,605. The stock’s fifty day simple moving average is $308.69 and its 200-day simple moving average is $309.39. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The firm has a market capitalization of $119.83 billion, a price-to-earnings ratio of 35.39, a PEG ratio of 2.47 and a beta of 1.02.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barclays upped 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. Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Mizuho restated a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Raymond James started coverage on shares of Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price on the stock. Finally, 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $328.00.

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.