652 Shares in Eaton Co. plc (NYSE:ETN) Acquired by Fort Pitt Capital Group LLC

Fort Pitt Capital Group LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 652 shares of the industrial products company’s stock, valued at approximately $216,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Strategic Wealth Partners Ltd. increased its position 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 buying an additional 30 shares in the last quarter. Fairfield Financial Advisors LTD increased its position in shares of Eaton by 16.2% in the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after buying an additional 30 shares in the last quarter. Legacy Capital Group California Inc. increased its position in shares of Eaton by 1.2% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after buying an additional 32 shares in the last quarter. Well Done LLC boosted its stake in Eaton by 1.3% in the 2nd quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares during the period. Finally, J.W. Cole Advisors Inc. boosted its stake in Eaton by 1.7% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock worth $644,000 after purchasing an additional 35 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In related news, Director Karenann K. Terrell acquired 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karenann K. Terrell bought 500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. Over the last 90 days, 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

Shares of Eaton stock opened at $335.00 on Friday. The stock has a market cap of $133.36 billion, a price-to-earnings ratio of 35.64, a P/E/G ratio of 2.53 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a twelve month low of $211.99 and a twelve month high of $349.74. The company’s fifty day moving average is $323.09 and its 200 day moving average is $318.31.

Eaton (NYSE:ETN) last released 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. The business 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 for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.47 earnings per share. Sell-side analysts forecast that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

ETN has been the subject of a number of recent research reports. Raymond James reduced their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Jefferies Financial Group upped their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Mizuho increased their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Finally, Citigroup began coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and an average price target of $341.00.

About Eaton

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.