Tradition Wealth Management LLC Increases Stake in Eaton Co. plc (NYSE:ETN)

Tradition Wealth Management LLC boosted its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,760 shares of the industrial products company’s stock after purchasing an additional 148 shares during the period. Tradition Wealth Management LLC’s holdings in Eaton were worth $915,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Breakwater Investment Management boosted its holdings in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC purchased a new position in Eaton in the third quarter valued at approximately $35,000. Finally, DT Investment Partners LLC purchased a new stake in Eaton during the third quarter worth approximately $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Transactions at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now directly owns 31,200 shares in the company, valued at $11,811,696. This trade represents a 4.33 % 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 Craig Arnold sold 61,569 shares of Eaton stock in a transaction on 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 owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,981 shares of company stock valued at $24,100,317. 0.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ETN has been the topic of a number of research reports. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and upped their target price for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Wells Fargo & Company raised their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Up 0.9 %

NYSE:ETN opened at $375.42 on Monday. The firm has a market capitalization of $148.37 billion, a PE ratio of 39.94, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. The stock has a 50 day moving average of $348.37 and a 200-day moving average of $324.41. 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 52 week low of $224.61 and a 52 week high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion during 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 company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.47 earnings per share. Analysts predict that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.00%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Eaton Company 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.