Gateway Investment Advisers LLC Has $40.09 Million Stake in Eaton Co. plc (NYSE:ETN)

by · The Markets Daily

Gateway Investment Advisers LLC lessened its position in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 0.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 120,951 shares of the industrial products company’s stock after selling 66 shares during the period. Gateway Investment Advisers LLC’s holdings in Eaton were worth $40,088,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Perfromance Wealth Partners LLC lifted its stake in shares of Eaton by 22.2% in the 3rd quarter. Perfromance Wealth Partners LLC now owns 880 shares of the industrial products company’s stock valued at $292,000 after acquiring an additional 160 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in Eaton by 2.6% during the 3rd quarter. Valeo Financial Advisors LLC now owns 11,257 shares of the industrial products company’s stock worth $3,731,000 after buying an additional 284 shares during the period. Iowa State Bank lifted its stake in shares of Eaton by 0.9% in the third quarter. Iowa State Bank now owns 23,519 shares of the industrial products company’s stock worth $7,795,000 after acquiring an additional 209 shares during the period. Castle Rock Wealth Management LLC boosted its stake in shares of Eaton by 545.7% in the 3rd quarter. Castle Rock Wealth Management LLC now owns 7,787 shares of the industrial products company’s stock valued at $2,606,000 after purchasing an additional 6,581 shares during the last quarter. Finally, BWM Planning LLC bought a new stake in Eaton during the third quarter valued at $311,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Eaton stock traded up $4.45 during mid-day trading on Friday, reaching $341.39. 1,162,053 shares of the company’s stock were exchanged, compared to its average volume of 2,135,704. The firm has a market capitalization of $135.91 billion, a PE ratio of 37.56, a P/E/G ratio of 2.58 and a beta of 1.02. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The business’s fifty day simple moving average is $307.72 and its 200 day simple moving average is $315.57. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

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

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.10%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is currently 41.36%.

Analyst Ratings Changes

Several brokerages recently commented on ETN. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Wells Fargo & Company increased their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Finally, Royal Bank of Canada cut their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average price target of $339.47.

Read Our Latest Stock Analysis on Eaton

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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