Citizens Financial Group Inc. RI Purchases 11,484 Shares of Eaton Co. plc (NYSE:ETN)

Citizens Financial Group Inc. RI lifted its holdings in Eaton Co. plc (NYSE:ETN) by 14.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92,092 shares of the industrial products company’s stock after acquiring an additional 11,484 shares during the period. Citizens Financial Group Inc. RI’s holdings in Eaton were worth $30,523,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Payden & Rygel increased its stake in shares of Eaton by 64.8% in the 3rd quarter. Payden & Rygel now owns 81,640 shares of the industrial products company’s stock valued at $27,059,000 after acquiring an additional 32,100 shares in the last quarter. EagleClaw Capital Managment LLC grew its holdings in Eaton by 0.7% in the third quarter. EagleClaw Capital Managment LLC now owns 41,440 shares of the industrial products company’s stock worth $13,735,000 after purchasing an additional 275 shares during the period. Grandfield & Dodd LLC increased its stake in Eaton by 4.9% in the third quarter. Grandfield & Dodd LLC now owns 2,994 shares of the industrial products company’s stock valued at $992,000 after purchasing an additional 140 shares in the last quarter. Portfolio Design Labs LLC acquired a new position in shares of Eaton during the third quarter valued at about $1,885,000. Finally, Howe & Rusling Inc. boosted its position in shares of Eaton by 8.4% during the 3rd quarter. Howe & Rusling Inc. now owns 900 shares of the industrial products company’s stock worth $298,000 after purchasing an additional 70 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of ETN stock opened at $360.46 on Thursday. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $373.49. The firm’s 50-day simple moving average is $339.96 and its two-hundred day simple moving average is $322.31. The firm has a market cap of $142.45 billion, a price-to-earnings ratio of 38.35, a P/E/G ratio of 2.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

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

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.04%. Eaton’s payout ratio is 40.00%.

Analyst Ratings Changes

A number of brokerages recently commented on ETN. Wells Fargo & Company boosted their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Barclays decreased their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Finally, Mizuho lifted their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 in the last 90 days. 0.33% of the stock is owned by company 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.