Cypress Capital Group Purchases 697 Shares of Eaton Co. plc (NYSE:ETN)

Cypress Capital Group grew its position in Eaton Co. plc (NYSE:ETN) by 7.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,629 shares of the industrial products company’s stock after purchasing an additional 697 shares during the period. Cypress Capital Group’s holdings in Eaton were worth $3,523,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ETN. Breakwater Investment Management boosted its position in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the second quarter worth $29,000. LGT Financial Advisors LLC acquired a new position in Eaton during the second quarter worth $33,000. West Financial Advisors LLC acquired a new stake in Eaton in the 3rd quarter valued at $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in Eaton during the 2nd quarter worth about $37,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

ETN opened at $360.46 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The company has a market capitalization of $142.45 billion, a PE ratio of 38.35, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01. The business has a fifty day simple moving average of $339.96 and a 200 day simple moving average of $322.31. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 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 business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same period last year, the firm earned $2.47 earnings per share. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other news, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % 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.

Analysts Set New Price Targets

A number of analysts recently issued reports on ETN shares. Mizuho lifted their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. UBS Group started coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price for the company. Wells Fargo & Company upped their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Citigroup assumed coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

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.