Prospera Financial Services Inc Raises Position in Eaton Co. plc (NYSE:ETN)

Prospera Financial Services Inc lifted its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 11.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,314 shares of the industrial products company's stock after acquiring an additional 2,761 shares during the quarter. Prospera Financial Services Inc's holdings in Eaton were worth $9,054,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Breakwater Investment Management increased its holdings in 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 last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton in the second quarter valued at about $29,000. LGT Financial Advisors LLC bought a new stake in Eaton in the second quarter valued at about $33,000. West Financial Advisors LLC bought a new stake in Eaton in the third quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in Eaton in the second quarter valued at about $37,000. Institutional investors own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karenann K. Terrell acquired 500 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction 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 disclosure for this purchase can be found here. In the last quarter, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

Shares of NYSE ETN traded up $4.62 during trading hours on Tuesday, reaching $362.45. 876,790 shares of the stock were exchanged, compared to its average volume of 2,104,847. The firm has a market capitalization of $143.24 billion, a price-to-earnings ratio of 38.07, a P/E/G ratio of 2.85 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 52 week low of $224.52 and a 52 week high of $373.49. The stock's fifty day simple moving average is $337.19 and its 200 day simple moving average is $321.74.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $6.37 billion. During the same quarter last year, the company earned $2.47 EPS. The company's revenue was up 7.9% on a year-over-year basis. Sell-side 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. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Monday, November 4th. Eaton's dividend payout ratio is presently 40.00%.

Analysts Set New Price Targets

A number of research firms recently commented on ETN. Barclays dropped their price objective on Eaton from $327.00 to $320.00 and set an "equal weight" rating for the company in a report on Friday, November 1st. Royal Bank of Canada restated an "outperform" rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an "outperform" rating for the company in a report on Monday, September 9th. 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. Finally, Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They issued an "overweight" rating and a $370.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $357.83.

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.