Meitav Investment House Ltd. Invests $51.88 Million in Eaton Co. plc (NYSE:ETN)

Meitav Investment House Ltd. purchased a new position in Eaton Co. plc (NYSE:ETN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 156,513 shares of the industrial products company’s stock, valued at approximately $51,875,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vinland Capital Management Gestora de Recursos LTDA. purchased a new position in Eaton during the third quarter worth about $845,000. Catalyst Financial Partners LLC raised its stake in Eaton by 0.9% during the third quarter. Catalyst Financial Partners LLC now owns 4,158 shares of the industrial products company’s stock worth $1,378,000 after purchasing an additional 36 shares during the period. Goldstone Financial Group LLC purchased a new position in Eaton during the third quarter worth about $341,000. Cornerstone Wealth Group LLC raised its stake in Eaton by 3.1% during the third quarter. Cornerstone Wealth Group LLC now owns 15,495 shares of the industrial products company’s stock worth $5,136,000 after purchasing an additional 465 shares during the period. Finally, JFS Wealth Advisors LLC raised its stake in Eaton by 75.5% during the third quarter. JFS Wealth Advisors LLC now owns 2,910 shares of the industrial products company’s stock worth $965,000 after purchasing an additional 1,252 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Evercore ISI dropped 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. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Mizuho lifted their price target on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Barclays lifted 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. Finally, Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They issued 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 thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus target price of $340.06.

Eaton Trading Down 5.1 %

NYSE ETN opened at $325.43 on Thursday. 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 Co. plc has a 52 week low of $198.68 and a 52 week high of $349.74. The stock has a market capitalization of $129.55 billion, a PE ratio of 37.71, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. The firm has a 50 day moving average of $321.71 and a two-hundred day moving average of $318.06.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion during 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%. As a group, research analysts expect that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.16%. Eaton’s dividend payout ratio is presently 41.36%.

Insider Transactions at Eaton

In other 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 sale, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction 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 sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karenann K. Terrell purchased 500 shares of Eaton stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. In the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. 0.33% of the stock is currently owned by insiders.

About Eaton

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.