Eaton Co. plc (NYSE:ETN) Shares Purchased by Raymond James Trust N.A.

by · The Cerbat Gem

Raymond James Trust N.A. raised its holdings in Eaton Co. plc (NYSE:ETN – Free Report) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,503 shares of the industrial products company’s stock after buying an additional 1,307 shares during the quarter. Raymond James Trust N.A.’s holdings in Eaton were worth $25,025,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Breakwater Investment Management boosted its holdings in shares of Eaton by 1,560.0% in the 2nd 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. purchased a new stake in Eaton during the second quarter valued at about $29,000. LGT Financial Advisors LLC purchased a new position in shares of Eaton in the 2nd quarter worth about $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton in the 3rd quarter valued at about $35,000. Finally, DT Investment Partners LLC acquired a new stake in Eaton during the 3rd quarter worth approximately $37,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the subject of several research reports. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price objective for the company. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wells Fargo & Company boosted their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Finally, Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $357.83.

View Our Latest Stock Report on ETN

Eaton Stock Performance

Shares of Eaton stock opened at $371.08 on Friday. The firm has a market cap of $146.65 billion, a PE ratio of 39.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The firm’s 50-day simple moving average is $341.32 and its 200-day simple moving average is $322.65. 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 (NYSE:ETN – Get Free Report) last released its 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 return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the business posted $2.47 EPS. Eaton’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts forecast 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 will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.01%. Eaton’s payout ratio is 40.00%.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 directly owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Yelton sold 3,136 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The trade was a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,705 shares of company stock valued at $24,516,346. Company insiders own 0.53% of the company’s stock.

About Eaton

(Free Report)

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.

Further Reading