Connable Office Inc. Purchases New Shares in Eaton Co. plc (NYSE:ETN)

Connable Office Inc. purchased a new stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 6,138 shares of the industrial products company's stock, valued at approximately $2,034,000.

Other institutional investors also recently bought and sold shares of the company. Strategic Wealth Partners Ltd. lifted its position in Eaton by 3.0% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company's stock valued at $340,000 after acquiring an additional 30 shares during the period. Fairfield Financial Advisors LTD increased its position in Eaton by 16.2% during 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. raised its stake in Eaton by 1.2% during the second 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 during the last quarter. Venturi Wealth Management LLC boosted its holdings in Eaton by 2.1% in the third quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company's stock worth $513,000 after acquiring an additional 32 shares in the last quarter. Finally, Well Done LLC grew its stake in shares of Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company's stock worth $800,000 after acquiring an additional 33 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

NYSE:ETN traded down $2.87 during trading hours on Friday, hitting $358.99. 2,230,221 shares of the stock traded hands, compared to its average volume of 2,112,767. The company has a market cap of $141.87 billion, a price-to-earnings ratio of 38.34, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The stock has a 50 day moving average price of $334.34 and a 200 day moving average price of $321.13. 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 (NYSE:ETN - Get Free Report) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts' expectations 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 company earned $2.47 EPS. Sell-side analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

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 given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton's payout ratio is currently 40.00%.

Insider Transactions at Eaton

In other Eaton news, Director Karenann K. Terrell purchased 500 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction 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 completion of the transaction, the insider now directly owns 506,360 shares of the company's stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ETN has been the topic of a number of analyst reports. Bank of America upped their price target on shares of Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a research note on Wednesday. Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They set an "overweight" rating and a $370.00 target price on the stock. Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an "outperform" rating for the company in a report on Monday, September 9th. Finally, Sanford C. Bernstein began coverage on Eaton in a research report on Tuesday, November 5th. They set an "outperform" rating and a $382.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $357.83.

Eaton Company 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.