PNC Financial Services Group Inc. Grows Stock Position in Eaton Co. plc (NYSE:ETN)

PNC Financial Services Group Inc. boosted its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 8.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 923,033 shares of the industrial products company's stock after buying an additional 74,415 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.23% of Eaton worth $305,930,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Breakwater Investment Management grew its stake in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company's stock valued at $26,000 after buying an additional 78 shares in the last quarter. Proffitt & Goodson Inc. purchased a new position in shares of Eaton in the second quarter valued at $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton during the 2nd quarter valued at $33,000. West Financial Advisors LLC purchased a new stake in Eaton during the 3rd quarter worth about $35,000. Finally, DT Investment Partners LLC bought a new position in Eaton in the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Transactions at Eaton

In other news, Director Karenann K. Terrell purchased 500 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at $149,485. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of the company's stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. Insiders have sold 68,705 shares of company stock worth $24,516,346 over the last quarter. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on ETN shares. Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an "outperform" rating and a $382.00 price target for the company. Wolfe Research upgraded Eaton from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an "outperform" rating on the stock in a report on Monday, September 9th. Evercore ISI lowered Eaton from an "outperform" rating to an "inline" rating and boosted their price objective for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Wells Fargo & Company raised 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. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Eaton has a consensus rating of "Moderate Buy" and an average price target of $357.83.

Eaton Trading Up 1.6 %

Shares of NYSE ETN traded up $5.83 during trading hours on Tuesday, reaching $363.66. The stock had a trading volume of 1,796,959 shares, compared to its average volume of 2,109,122. The business's fifty day moving average price is $337.19 and its two-hundred day moving average price is $321.74. The firm has a market cap of $143.72 billion, a price-to-earnings ratio of 38.63, a P/E/G ratio of 2.85 and a beta of 1.01. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion during 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%. The business's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.47 EPS. Analysts expect that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

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 issued a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.03%. Eaton's dividend payout ratio (DPR) is presently 40.00%.

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.