Eaton Co. plc (NYSE:ETN) Shares Acquired by Cornerstone Advisors LLC

Cornerstone Advisors LLC increased its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 55.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,300 shares of the industrial products company's stock after purchasing an additional 6,500 shares during the period. Cornerstone Advisors LLC's holdings in Eaton were worth $6,065,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ETN. Legal & General Group Plc lifted its stake in shares of Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company's stock worth $1,005,317,000 after purchasing an additional 18,077 shares during the period. Capital World Investors boosted its holdings in Eaton by 323.8% in the first 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Eaton by 2.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company's stock worth $471,370,000 after acquiring an additional 40,078 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Eaton by 15.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company's stock worth $412,108,000 after purchasing an additional 176,571 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company's stock valued at $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Performance

ETN stock opened at $360.46 on Thursday. The stock's fifty day moving average is $339.96 and its two-hundred day moving average is $322.31. The stock has a market capitalization of $142.45 billion, a price-to-earnings ratio of 38.35, a PEG ratio of 2.89 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49.

Eaton (NYSE:ETN - Get Free Report) last announced its 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. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.47 EPS. On average, research analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.04%. Eaton's dividend payout ratio (DPR) is currently 40.00%.

Analysts Set New Price Targets

A number of research analysts have weighed in on ETN shares. Wells Fargo & Company lifted their price target on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Sanford C. Bernstein began coverage on Eaton in a report on Tuesday, November 5th. They issued an "outperform" rating and a $382.00 price target for the company. Wolfe Research raised Eaton from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Citigroup started coverage on shares of Eaton in a research report on Monday, September 16th. They set a "buy" rating and a $348.00 target price on the stock. Finally, Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $357.83.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of the firm's stock in a transaction 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares of the company's stock, valued at approximately $662,161.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. Company 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.

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