Meridian Wealth Management LLC Grows Stake in Eaton Co. plc (NYSE:ETN)

Meridian Wealth Management LLC boosted its position in shares of Eaton Co. plc (NYSE:ETN) by 16.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,005 shares of the industrial products company’s stock after purchasing an additional 283 shares during the quarter. Meridian Wealth Management LLC’s holdings in Eaton were worth $665,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Nwam LLC bought a new stake in Eaton during the 3rd quarter valued at $1,750,000. Icon Wealth Advisors LLC boosted its position in shares of Eaton by 1,675.6% in the 3rd quarter. Icon Wealth Advisors LLC now owns 251,848 shares of the industrial products company’s stock worth $83,473,000 after purchasing an additional 237,664 shares in the last quarter. Covenant Asset Management LLC boosted its position in shares of Eaton by 2.6% in the 3rd quarter. Covenant Asset Management LLC now owns 4,965 shares of the industrial products company’s stock worth $1,646,000 after purchasing an additional 126 shares in the last quarter. Allen Capital Group LLC acquired a new stake in shares of Eaton in the 3rd quarter worth $207,000. Finally, CFS Investment Advisory Services LLC boosted its position in shares of Eaton by 5.5% in the 3rd quarter. CFS Investment Advisory Services LLC now owns 712 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 37 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. UBS Group began coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Mizuho lifted their price target on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Bank of America lifted their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Price Performance

Shares of Eaton stock opened at $377.41 on Monday. 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 twelve month low of $224.52 and a twelve month high of $378.00. The business has a 50-day moving average price of $342.75 and a 200 day moving average price of $322.91. The firm has a market cap of $149.15 billion, a PE ratio of 40.15, a P/E/G ratio of 2.94 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating 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 quarter in the previous year, the business earned $2.47 EPS. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.00%. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

Insiders Place Their Bets

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

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.