Fisher Asset Management LLC Grows Stock Position in Eaton Co. plc (NYSE:ETN)

by · The Markets Daily

Fisher Asset Management LLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 3.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 203,302 shares of the industrial products company’s stock after acquiring an additional 7,129 shares during the quarter. Fisher Asset Management LLC owned approximately 0.05% of Eaton worth $67,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. International Assets Investment Management LLC raised its position in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares during the last quarter. Swedbank AB purchased a new position in Eaton during the second quarter worth $225,974,000. Assenagon Asset Management S.A. raised its holdings in shares of Eaton by 1,604.4% in 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. Wulff Hansen & CO. boosted its stake in shares of Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after acquiring an additional 476,639 shares during the last quarter. Finally, Electron Capital Partners LLC increased its position in Eaton by 8,348.9% during the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock worth $140,008,000 after purchasing an additional 441,239 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ETN. Raymond James decreased 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Sanford C. Bernstein initiated coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective on the stock. Barclays reduced their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Finally, Wells Fargo & Company upped their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $357.83.

View Our Latest Stock Analysis on ETN

Insider Transactions at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is currently owned by insiders.

Eaton Stock Performance

Shares of NYSE:ETN opened at $376.56 on Tuesday. The business’s 50-day simple moving average is $344.15 and its 200 day simple moving average is $323.22. The company has a market cap of $148.81 billion, a P/E ratio of 40.06, a PEG ratio of 2.99 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 Co. plc has a one year low of $224.52 and a one year high of $379.12.

Eaton (NYSE:ETN – Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.47 earnings per share. On average, sell-side analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

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

About Eaton

(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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