Schwartz Investment Counsel Inc. Cuts Stake in Eaton Co. plc (NYSE:ETN)

by · The Markets Daily

Schwartz Investment Counsel Inc. reduced its position in Eaton Co. plc (NYSE:ETN – Free Report) by 0.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,681 shares of the industrial products company’s stock after selling 150 shares during the period. Schwartz Investment Counsel Inc.’s holdings in Eaton were worth $6,192,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Mount Yale Investment Advisors LLC boosted its position in Eaton by 63.4% in the third quarter. Mount Yale Investment Advisors LLC now owns 2,953 shares of the industrial products company’s stock worth $979,000 after purchasing an additional 1,146 shares during the last quarter. Dakota Wealth Management raised its holdings in Eaton by 147.8% during the third quarter. Dakota Wealth Management now owns 45,425 shares of the industrial products company’s stock valued at $15,056,000 after acquiring an additional 27,094 shares during the period. DT Investment Partners LLC purchased a new position in Eaton in the 3rd quarter worth approximately $37,000. American Institute for Advanced Investment Management LLP lifted its stake in Eaton by 45.8% in the 3rd quarter. American Institute for Advanced Investment Management LLP now owns 1,352 shares of the industrial products company’s stock worth $448,000 after purchasing an additional 425 shares in the last quarter. Finally, Jackson Wealth Management LLC grew its holdings in Eaton by 73.8% during the 3rd quarter. Jackson Wealth Management LLC now owns 27,781 shares of the industrial products company’s stock valued at $9,208,000 after buying an additional 11,794 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 0.1 %

Shares of Eaton stock opened at $345.17 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $193.77 and a twelve month high of $349.74. The firm has a market capitalization of $138.00 billion, a PE ratio of 40.75, a P/E/G ratio of 2.58 and a beta of 1.02. The firm’s 50-day moving average price is $317.08 and its 200 day moving average price is $317.12.

Eaton (NYSE:ETN – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. On average, sell-side analysts predict that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.09%. Eaton’s dividend payout ratio is currently 44.39%.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 over the last 90 days. 0.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Jefferies Financial Group increased their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Evercore ISI dropped their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Barclays boosted their target price on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, 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 objective on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $340.06.

Get Our Latest Research Report on Eaton

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.

Read More