WESPAC Advisors SoCal LLC Acquires New Position in Eaton Co. plc (NYSE:ETN)

WESPAC Advisors SoCal LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 14,604 shares of the industrial products company's stock, valued at approximately $4,840,000.

Several other large investors have also recently bought and sold shares of the stock. Capital World Investors lifted its stake in shares of Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company's stock worth $998,255,000 after buying an additional 2,439,270 shares during the last quarter. International Assets Investment Management LLC lifted its position in Eaton by 27,075.5% during the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company's stock worth $355,959,000 after acquiring an additional 1,070,024 shares during the last quarter. Swedbank AB acquired a new position in shares of Eaton in the second quarter valued at approximately $225,974,000. Assenagon Asset Management S.A. increased its stake in shares of Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company's stock worth $211,201,000 after purchasing an additional 634,059 shares during the period. Finally, Wulff Hansen & CO. lifted its holdings in Eaton by 31,255.0% during the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company's stock worth $149,928,000 after purchasing an additional 476,639 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Craig Arnold sold 61,569 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 506,360 shares of the company's stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Karenann K. Terrell purchased 500 shares of Eaton stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now owns 500 shares of the company's stock, valued at $149,485. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 68,705 shares of company stock worth $24,516,346 over the last quarter. 0.53% of the stock is currently owned by corporate insiders.

Eaton Trading Down 0.8 %

NYSE:ETN traded down $2.87 during mid-day trading on Friday, hitting $358.99. 2,232,026 shares of the company's stock were exchanged, compared to its average volume of 2,038,455. The firm has a market capitalization of $141.87 billion, a P/E ratio of 38.19, a PEG ratio of 2.85 and a beta of 1.01. The company has a 50 day simple moving average of $335.82 and a 200-day simple moving average of $321.37. 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 Co. plc has a fifty-two week low of $224.52 and a fifty-two week high of $373.49.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the company earned $2.47 EPS. The company's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, research analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current 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 given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.05%. Eaton's dividend payout ratio (DPR) is presently 40.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ETN shares. UBS Group initiated coverage on Eaton in a report on Wednesday. They set a "buy" rating and a $431.00 target price for the company. Barclays decreased their target price on shares of Eaton from $327.00 to $320.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They issued a "buy" rating and a $348.00 price target for the company. Evercore ISI lowered Eaton from an "outperform" rating to an "inline" rating and raised their price objective for the stock from $333.00 to $389.00 in a research note on Wednesday. Finally, Mizuho lifted their price objective on Eaton from $365.00 to $385.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company 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.