Otter Creek Advisors LLC Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

Otter Creek Advisors LLC raised its position in Eaton Co. plc (NYSE:ETN) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,960 shares of the industrial products company’s stock after buying an additional 260 shares during the quarter. Eaton makes up approximately 3.0% of Otter Creek Advisors LLC’s portfolio, making the stock its 19th biggest position. Otter Creek Advisors LLC’s holdings in Eaton were worth $4,627,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Breakwater Investment Management increased its holdings in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the second quarter valued at approximately $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the second quarter valued at approximately $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton in the third quarter valued at approximately $35,000. Finally, DT Investment Partners LLC acquired a new position in shares of Eaton in the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 2.9 %

Shares of NYSE:ETN opened at $371.08 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The stock’s fifty day simple moving average is $341.32 and its 200-day simple moving average is $322.65. The company has a market capitalization of $146.65 billion, a P/E ratio of 39.48, a P/E/G ratio of 2.89 and a beta of 1.01.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 for the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the prior year, the business posted $2.47 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities research analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given 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 1.01%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ETN shares. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their target price for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. UBS Group initiated coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective on the stock. Morgan Stanley initiated coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Bank of America upped their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Four research 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 a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

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.