WealthPlan Investment Management LLC Makes New $264,000 Investment in Eaton Co. plc (NYSE:ETN)

WealthPlan Investment Management LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 796 shares of the industrial products company’s stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Legal & General Group Plc raised its stake in Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after acquiring an additional 18,077 shares in the last quarter. Capital World Investors increased its holdings in shares of Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the period. Janus Henderson Group PLC raised its stake in shares of Eaton by 15.5% during the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock valued at $412,108,000 after purchasing an additional 176,571 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares during the period. Finally, National Pension Service lifted its holdings in Eaton by 13.0% in the third quarter. National Pension Service now owns 865,820 shares of the industrial products company’s stock worth $286,967,000 after purchasing an additional 99,381 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on ETN. Citigroup assumed coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Raymond James dropped their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Evercore ISI decreased their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Wells Fargo & Company boosted their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Barclays decreased their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Four investment analysts have rated the stock with 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 $343.28.

Eaton Stock Down 0.8 %

ETN stock opened at $369.05 on Wednesday. The company’s 50 day simple moving average is $329.60 and its 200-day simple moving average is $320.18. Eaton Co. plc has a 52-week low of $220.24 and a 52-week high of $373.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm has a market capitalization of $145.85 billion, a P/E ratio of 39.26, a P/E/G ratio of 2.94 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.47 EPS. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.02%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity

In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karenann K. Terrell purchased 500 shares of Eaton stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. Insiders have sold 117,745 shares of company stock worth $39,278,367 in the last 90 days. 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.