Eaton Co. plc (NYSE:ETN) Shares Bought by King Luther Capital Management Corp

King Luther Capital Management Corp raised its holdings in Eaton Co. plc (NYSE:ETN) by 15.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,848 shares of the industrial products company’s stock after purchasing an additional 521 shares during the quarter. King Luther Capital Management Corp’s holdings in Eaton were worth $1,275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ETN. Breakwater Investment Management raised its stake in shares of 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 buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton during the 2nd quarter worth about $29,000. LGT Financial Advisors LLC acquired a new stake in Eaton during the second quarter worth approximately $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton in the third quarter valued at $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Eaton in the 2nd quarter valued at about $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Up 1.7 %

NYSE:ETN opened at $377.41 on Friday. The firm has a market cap of $149.15 billion, a price-to-earnings ratio of 40.15, a price-to-earnings-growth ratio of 2.94 and a beta of 1.01. The firm has a 50-day moving average price of $342.75 and a two-hundred day moving average price of $322.97. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $378.00.

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

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ETN. Raymond James decreased their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Barclays dropped their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Finally, UBS Group assumed coverage on Eaton in a research note on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $357.83.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the company’s 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 completion of the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 68,705 shares of company stock valued at $24,516,346. Corporate insiders own 0.53% of the company’s stock.

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.