Fiduciary Trust Co Purchases 5,303 Shares of Eaton Co. plc (NYSE:ETN)

by · The Markets Daily

Fiduciary Trust Co grew its position in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 26.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,221 shares of the industrial products company’s stock after acquiring an additional 5,303 shares during the quarter. Fiduciary Trust Co’s holdings in Eaton were worth $8,359,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ETN. IAM Advisory LLC acquired a new position in shares of Eaton during the 2nd quarter worth approximately $599,000. Interval Partners LP increased its holdings in Eaton by 82.7% during the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after buying an additional 68,693 shares during the last quarter. Scientech Research LLC lifted its stake in Eaton by 285.5% in the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after acquiring an additional 4,254 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Eaton by 25.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after acquiring an additional 5,676 shares during the period. Finally, Leavell Investment Management Inc. increased its stake in shares of Eaton by 67.6% during the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock worth $2,683,000 after purchasing an additional 3,452 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ETN shares. UBS Group started coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Mizuho raised their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Barclays dropped their price objective on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $357.83.

Check Out Our Latest Analysis on Eaton

Eaton Price Performance

Shares of NYSE ETN opened at $371.98 on Friday. 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 50-day simple moving average is $347.47 and its 200 day simple moving average is $324.22. The stock has a market cap of $147.01 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.99 and a beta of 1.01. Eaton Co. plc has a fifty-two week low of $224.52 and a fifty-two week high of $379.99.

Eaton (NYSE:ETN – Get Free Report) 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the previous year, the firm earned $2.47 earnings per share. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, research analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared 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 yield of 1.01%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, 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. In the last ninety days, insiders sold 66,981 shares of company stock valued at $24,100,317. Corporate insiders own 0.53% of the company’s stock.

Eaton Company Profile

(Free Report)

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.

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