First Long Island Investors LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

First Long Island Investors LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN) in the third quarter, HoldingsChannel reports. The institutional investor bought 951 shares of the industrial products company’s stock, valued at approximately $315,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Breakwater Investment Management increased 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 purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the second quarter worth about $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton during the third quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in shares of Eaton during the second quarter worth about $37,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In related news, Director Karenann K. Terrell purchased 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton 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 owns 506,360 shares of the company’s stock, valued at $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 68,705 shares of company stock valued at $24,516,346 in the last three months. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and set a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. Barclays lowered their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Citigroup assumed coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Finally, 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. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $357.83.

Eaton Trading Down 0.9 %

Shares of ETN stock traded down $3.37 during mid-day trading on Friday, hitting $358.49. The company’s stock had a trading volume of 528,151 shares, compared to its average volume of 2,104,761. The company’s fifty day simple moving average is $334.34 and its 200-day simple moving average is $321.13. 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 market cap of $141.68 billion, a PE ratio of 38.34, a P/E/G ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the previous year, the company posted $2.47 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, equities research analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 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.