nVerses Capital LLC Raises Position in Eaton Co. plc (NYSE:ETN)

nVerses Capital LLC grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 25.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,000 shares of the industrial products company’s stock after buying an additional 600 shares during the quarter. nVerses Capital LLC’s holdings in Eaton were worth $994,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ETN. Capital World Investors grew its stake in shares of Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after purchasing an additional 1,219,790 shares during the last quarter. Swedbank AB purchased a new position in shares of Eaton during the second quarter valued at approximately $225,974,000. Assenagon Asset Management S.A. lifted its holdings in shares of Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after purchasing an additional 634,059 shares during the last quarter. Finally, Wulff Hansen & CO. lifted its holdings in shares of Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after purchasing an additional 476,639 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Trading Up 1.5 %

NYSE:ETN traded up $5.25 during mid-day trading on Thursday, hitting $346.35. 392,082 shares of the stock traded hands, compared to its average volume of 2,112,735. The stock has a market capitalization of $138.47 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $347.35. The firm’s 50 day moving average is $311.66 and its two-hundred day moving average is $316.19. 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 issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. The company 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%. On average, equities research analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. 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 1.09%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity at Eaton

In related news, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last 90 days. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ETN. Wells Fargo & Company lifted their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Evercore ISI reduced their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Barclays raised their price target on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $340.06.

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.