PDT Partners LLC Acquires 4,903 Shares of Eaton Co. plc (NYSE:ETN)

PDT Partners LLC increased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 35.5% during the third quarter, Holdings Channel reports. The fund owned 18,703 shares of the industrial products company’s stock after acquiring an additional 4,903 shares during the quarter. Eaton comprises about 0.5% of PDT Partners LLC’s holdings, making the stock its 11th biggest holding. PDT Partners LLC’s holdings in Eaton were worth $6,199,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the last quarter. International Assets Investment Management LLC grew its stake in Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after buying an additional 1,070,024 shares during the last quarter. Swedbank AB bought a new position in Eaton in the 2nd quarter valued at about $225,974,000. Assenagon Asset Management S.A. lifted its position in 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 worth $211,201,000 after acquiring an additional 634,059 shares during the last quarter. Finally, Wulff Hansen & CO. grew its position in shares of Eaton by 31,255.0% in 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 and hedge funds.

Eaton Stock Performance

NYSE ETN opened at $375.43 on Friday. Eaton Co. plc has a fifty-two week low of $224.61 and a fifty-two week high of $379.99. The stock has a market cap of $148.37 billion, a PE ratio of 39.94, a PEG ratio of 2.82 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. The firm’s fifty day moving average price is $348.37 and its two-hundred day moving average price is $324.54.

Eaton (NYSE:ETN) last issued 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the firm earned $2.47 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio is 40.00%.

Analysts Set New Price Targets

ETN has been the topic of a number of research reports. Mizuho upped their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Wells Fargo & Company lifted their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley began 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Finally, Barclays lowered their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock worth $24,100,317 over the last three months. Company insiders own 0.53% of the company’s stock.

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.