Thrivent Financial for Lutherans Has $26.58 Million Stake in Eaton Co. plc (NYSE:ETN)

Thrivent Financial for Lutherans grew its stake in Eaton Co. plc (NYSE:ETN) by 38.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 80,187 shares of the industrial products company’s stock after buying an additional 22,367 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Eaton were worth $26,576,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. IAM Advisory LLC bought a new stake in Eaton during the second quarter worth approximately $599,000. Interval Partners LP boosted its position 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 purchasing an additional 68,693 shares during the period. Scientech Research LLC boosted its position in Eaton by 285.5% during the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after purchasing an additional 4,254 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in Eaton by 25.9% during the second quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after purchasing an additional 5,676 shares during the period. Finally, Leavell Investment Management Inc. boosted its position in Eaton by 67.6% during the second 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 period. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock worth $24,516,346 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Mizuho upped their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Wells Fargo & Company increased their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Eaton Stock Performance

Eaton stock opened at $363.66 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The stock has a fifty day moving average price of $338.69 and a two-hundred day moving average price of $322.04. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The firm has a market capitalization of $143.72 billion, a P/E ratio of 38.69, a P/E/G ratio of 2.85 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the prior year, the company posted $2.47 earnings per share. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.03%. Eaton’s dividend payout ratio is currently 40.00%.

Eaton Profile

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.