Prosperity Consulting Group LLC Buys 225 Shares of Eaton Co. plc (NYSE:ETN)

Prosperity Consulting Group LLC raised its position in shares of Eaton Co. plc (NYSE:ETN) by 11.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,221 shares of the industrial products company’s stock after purchasing an additional 225 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Eaton were worth $696,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. raised its stake in Eaton by 2.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 51,020 shares of the industrial products company’s stock worth $15,997,000 after buying an additional 1,313 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Eaton by 4.9% in the 2nd quarter. Parallel Advisors LLC now owns 7,444 shares of the industrial products company’s stock valued at $2,334,000 after purchasing an additional 347 shares during the period. Dai ichi Life Insurance Company Ltd grew its stake in Eaton by 44.5% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 68,536 shares of the industrial products company’s stock worth $21,489,000 after purchasing an additional 21,093 shares during the period. Westover Capital Advisors LLC bought a new stake in Eaton in the second quarter worth approximately $309,000. Finally, CoreCap Advisors LLC bought a new position in shares of Eaton during the 2nd quarter worth approximately $2,483,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $305.80 on Friday. The firm has a market capitalization of $121.74 billion, a P/E ratio of 36.10, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The business’s fifty day simple moving average is $300.56 and its 200 day simple moving average is $311.66. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19.

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

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.23%. Eaton’s dividend payout ratio is presently 44.39%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group upped their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada reduced their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $335.18.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 in the company, valued at approximately $2,858,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

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.