Legacy Financial Strategies LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Legacy Financial Strategies LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 772 shares of the industrial products company’s stock, valued at approximately $256,000.

Several other large investors have also recently made changes to their positions in ETN. Capital World Investors lifted its position in Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after acquiring an additional 2,439,270 shares in the last quarter. Jennison Associates LLC lifted its position in Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after acquiring an additional 1,219,790 shares in the last quarter. Swedbank AB bought a new position in Eaton in the 2nd quarter valued at approximately $225,974,000. Assenagon Asset Management S.A. lifted its position in Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after acquiring an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. lifted its position in Eaton by 31,255.0% in the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after acquiring an additional 476,639 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 over the last 90 days. Insiders own 0.53% of the company’s stock.

Eaton Trading Down 0.1 %

Shares of NYSE:ETN traded down $0.31 during trading on Friday, reaching $348.18. The company’s stock had a trading volume of 1,173,441 shares, compared to its average volume of 2,114,890. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $349.74. The firm’s 50 day simple moving average is $314.01 and its two-hundred day simple moving average is $316.67. The stock has a market capitalization of $139.20 billion, a PE ratio of 41.11, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. On average, research analysts predict that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.08%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is currently 44.39%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup assumed coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Wells Fargo & Company boosted their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Barclays boosted their target price on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada decreased their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four 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 currently has a consensus rating of “Moderate Buy” and an average price target of $340.06.

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.