Goldstone Financial Group LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Goldstone Financial Group LLC purchased a new stake in Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,028 shares of the industrial products company’s stock, valued at approximately $341,000.

Other hedge funds also recently made changes to their positions in the company. Breakwater Investment Management grew its position in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. purchased a new position in Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC purchased a new position in Eaton during the second quarter worth about $33,000. West Financial Advisors LLC purchased a new position in Eaton during the third quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Eaton during the second quarter worth about $37,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent analyst reports. Morgan Stanley initiated coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Barclays upped their target price on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Citigroup assumed coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Finally, Mizuho raised their price objective on Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $340.06.

Insiders Place Their Bets

In related news, insider Heath B. Monesmith sold 49,040 shares of the company’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 transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.33% of the stock is currently owned by company insiders.

Eaton Price Performance

ETN stock opened at $331.54 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a 52 week low of $198.68 and a 52 week high of $349.74. The firm’s fifty day moving average is $322.39 and its 200 day moving average is $318.15. The firm has a market cap of $131.99 billion, a P/E ratio of 36.47, a P/E/G ratio of 2.62 and a beta of 1.02.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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 firm 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%. Research analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 41.36%.

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.