Tidal Investments LLC Purchases 12,069 Shares of Eaton Co. plc (NYSE:ETN)

Tidal Investments LLC lifted its position in shares of Eaton Co. plc (NYSE:ETN) by 68.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,722 shares of the industrial products company’s stock after purchasing an additional 12,069 shares during the quarter. Tidal Investments LLC’s holdings in Eaton were worth $9,851,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETN. Breakwater Investment Management raised its holdings in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton during the second quarter worth $29,000. Morse Asset Management Inc acquired a new stake in shares of Eaton during the third quarter worth $33,000. LGT Financial Advisors LLC acquired a new stake in shares of Eaton during the second quarter worth $33,000. Finally, West Financial Advisors LLC acquired a new stake in shares of Eaton during the third quarter worth $35,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Down 0.9 %

Eaton stock opened at $358.71 on Friday. The firm has a market capitalization of $141.76 billion, a PE ratio of 38.16, a P/E/G ratio of 2.74 and a beta of 1.03. The company’s 50-day moving average is $355.33 and its 200-day moving average is $326.59. Eaton Co. plc has a fifty-two week low of $231.84 and a fifty-two week high of $379.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate 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 net margin of 15.32% and a return on equity of 21.97%. Eaton’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.47 EPS. Sell-side analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is 40.00%.

Analysts Set New Price Targets

A number of brokerages recently commented on ETN. Jefferies Financial Group raised their price objective on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and raised their price objective for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Raymond James lowered their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,981 shares of company stock valued at $24,100,317. 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.