Eaton Co. plc (NYSE:ETN) Shares Acquired by Essex Financial Services Inc.

Essex Financial Services Inc. grew its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 212.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,310 shares of the industrial products company's stock after purchasing an additional 5,647 shares during the quarter. Essex Financial Services Inc.'s holdings in Eaton were worth $2,606,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC lifted its holdings in Eaton by 3.3% in the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 2,182 shares of the industrial products company's stock valued at $684,000 after acquiring an additional 70 shares during the last quarter. Aptus Capital Advisors LLC raised its holdings in shares of Eaton by 27.2% in the 2nd quarter. Aptus Capital Advisors LLC now owns 26,923 shares of the industrial products company's stock worth $8,442,000 after purchasing an additional 5,762 shares in the last quarter. nVerses Capital LLC acquired a new stake in Eaton during the second quarter valued at approximately $753,000. Mizuho Markets Americas LLC bought a new stake in Eaton during the second quarter worth approximately $5,752,000. Finally, Farther Finance Advisors LLC grew its position in Eaton by 28.6% in the second quarter. Farther Finance Advisors LLC now owns 7,879 shares of the industrial products company's stock worth $2,461,000 after buying an additional 1,750 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Activity

In related news, Director Karenann K. Terrell bought 500 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares of the company's stock, valued at $149,485. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Eaton news, insider Michael Yelton sold 3,136 shares of the firm's stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares of the company's stock, valued at approximately $1,186,411.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karenann K. Terrell purchased 500 shares of the business's stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares of the company's stock, valued at $149,485. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 52,511 shares of company stock valued at $15,809,326. Insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

ETN has been the subject of a number of recent research reports. Royal Bank of Canada cut their price objective on Eaton from $376.00 to $371.00 and set an "outperform" rating for the company in a research report on Friday, August 2nd. Evercore ISI decreased their price target on Eaton from $357.00 to $333.00 and set an "outperform" rating for the company in a research report on Monday, August 19th. Raymond James began coverage on Eaton in a report on Friday, June 28th. They set an "outperform" rating and a $375.00 price objective on the stock. HSBC raised their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a "hold" rating in a report on Friday, May 3rd. Finally, Jefferies Financial Group lifted their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a "buy" rating in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $328.00.

Eaton Stock Up 1.9 %

ETN traded up $5.84 during trading on Friday, reaching $306.93. 2,320,225 shares of the stock traded hands, compared to its average volume of 2,169,083. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock's 50-day simple moving average is $305.11 and its two-hundred day simple moving average is $310.40. The stock has a market cap of $122.71 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $6.35 billion. As a group, equities research analysts expect that Eaton Co. plc will post 10.66 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.23%. Eaton's dividend payout ratio (DPR) is presently 44.39%.

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.

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. plc (NYSE:ETN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.