Assenagon Asset Management S.A. Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

Assenagon Asset Management S.A. raised its position in shares of Eaton Co. plc (NYSE:ETN) by 3,508.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 401,728 shares of the industrial products company’s stock after buying an additional 390,595 shares during the quarter. Assenagon Asset Management S.A. owned about 0.10% of Eaton worth $133,321,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Strategic Wealth Partners Ltd. lifted its holdings in shares of Eaton by 3.0% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock valued at $340,000 after acquiring an additional 30 shares during the last quarter. Fairfield Financial Advisors LTD raised its position in Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 30 shares during the period. Westmount Partners LLC lifted its stake in shares of Eaton by 3.1% in the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock valued at $327,000 after purchasing an additional 30 shares during the last quarter. Signal Advisors Wealth LLC boosted its holdings in shares of Eaton by 3.5% in the 4th quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company’s stock worth $297,000 after purchasing an additional 30 shares during the period. Finally, Venturi Wealth Management LLC increased its position in shares of Eaton by 2.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock valued at $513,000 after purchasing an additional 32 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citigroup dropped their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday. Jefferies Financial Group lifted their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Bank of America increased their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $367.61.

Eaton Stock Down 0.3 %

Shares of Eaton stock opened at $339.79 on Wednesday. Eaton Co. plc has a 1 year low of $236.04 and a 1 year 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. The stock has a market cap of $134.29 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 2.70 and a beta of 1.06. The firm’s 50-day moving average is $355.38 and its two-hundred day moving average is $329.33.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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 analyst estimates 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 period last year, the company posted $2.47 earnings per share. As a group, research analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,981 shares of company stock worth $27,660,117 over the last quarter. Insiders own 0.53% of the company’s stock.

Eaton 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.