Metis Global Partners LLC Acquires 50 Shares of Eaton Co. plc (NYSE:ETN)

Metis Global Partners LLC boosted its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,605 shares of the industrial products company’s stock after acquiring an additional 50 shares during the quarter. Metis Global Partners LLC’s holdings in Eaton were worth $5,172,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ETN. Breakwater Investment Management raised its position in Eaton by 1,560.0% in the 2nd 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 stake in shares of Eaton during the second quarter worth $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the second quarter valued at $33,000. West Financial Advisors LLC bought a new position in Eaton in the third quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Eaton in the second quarter worth about $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ETN shares. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and raised their target price for the company from $333.00 to $389.00 in a research note on Wednesday. Bank of America lifted their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup started coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Mizuho upped their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at approximately $182,780,769.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,705 shares of company stock worth $24,516,346. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of ETN stock opened at $367.15 on Thursday. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The company’s fifty day simple moving average is $332.81 and its 200-day simple moving average is $320.84. The firm has a market cap of $145.10 billion, a PE ratio of 39.35, a P/E/G ratio of 2.96 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 firm’s revenue was up 7.9% on a year-over-year basis. During the same period last year, the business earned $2.47 earnings per share. Equities research analysts expect that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.02%. Eaton’s dividend payout ratio is currently 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.