Portfolio Design Labs LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Portfolio Design Labs LLC purchased a new stake in Eaton Co. plc (NYSE:ETN - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,688 shares of the industrial products company's stock, valued at approximately $1,885,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Breakwater Investment Management raised its stake in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company's stock worth $26,000 after purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new position in Eaton during the 2nd quarter valued at $29,000. LGT Financial Advisors LLC purchased a new position in Eaton during the 2nd quarter worth $33,000. West Financial Advisors LLC purchased a new position in Eaton during the third quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in shares of Eaton in the second quarter valued at approximately $37,000. Institutional investors own 82.97% of the company's stock.

Eaton Price Performance

Shares of NYSE:ETN traded down $3.23 on Wednesday, reaching $360.46. The company's stock had a trading volume of 1,291,740 shares, compared to its average volume of 2,106,570. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The company has a 50-day simple moving average of $338.69 and a 200 day simple moving average of $322.04. The company has a market cap of $142.45 billion, a P/E ratio of 38.44, a PEG ratio of 2.85 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data 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. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the business posted $2.47 EPS. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared 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 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 is currently 40.00%.

Insider Buying and Selling

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael Yelton sold 3,136 shares of the business's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares of the company's stock, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock worth $24,516,346 in the last 90 days. 0.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wolfe Research upgraded Eaton from an "underperform" rating to a "peer perform" rating in a research note on Friday, September 6th. Citigroup began coverage on shares of Eaton in a research note on Monday, September 16th. They issued a "buy" rating and a $348.00 price target for the company. Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They issued an "overweight" rating and a $370.00 price target for the company. Barclays lowered their price objective on shares of Eaton from $327.00 to $320.00 and set an "equal weight" rating for the company in a research note on Friday, November 1st. Finally, Raymond James decreased their price target on shares of Eaton from $375.00 to $365.00 and set an "outperform" rating for the company in a research note on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus 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.