First Commonwealth Financial Corp PA Invests $368,000 in Eaton Co. plc (NYSE:ETN)

First Commonwealth Financial Corp PA acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) during the third quarter, HoldingsChannel reports. The institutional investor acquired 1,111 shares of the industrial products company’s stock, valued at approximately $368,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its holdings in Eaton by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after acquiring an additional 18,077 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Eaton by 2.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock valued at $471,370,000 after purchasing an additional 40,078 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 buying an additional 1,070,024 shares during the period. PNC Financial Services Group Inc. boosted its stake in Eaton by 8.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 923,033 shares of the industrial products company’s stock worth $305,930,000 after buying an additional 74,415 shares during the last quarter. Finally, National Pension Service boosted its stake in Eaton by 13.0% in the 3rd quarter. National Pension Service now owns 865,820 shares of the industrial products company’s stock worth $286,967,000 after buying an additional 99,381 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 1.4 %

ETN opened at $371.97 on Thursday. The firm’s 50 day moving average is $346.61 and its 200-day moving average is $323.89. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $147.00 billion, a P/E ratio of 39.57, a P/E/G ratio of 2.99 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 EPS. Analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research analyst reports. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Sanford C. Bernstein assumed 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. Bank of America lifted their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Finally, Barclays reduced their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Insider Buying and Selling at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on 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 sale, 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 sold a total of 66,981 shares of company stock worth $24,100,317 in the last 90 days. 0.33% of the stock is owned by corporate insiders.

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.