Van ECK Associates Corp Acquires 1,952 Shares of Eaton Co. plc (NYSE:ETN)

Van ECK Associates Corp grew its holdings in Eaton Co. plc (NYSE:ETNGet Rating) by 49.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,917 shares of the industrial products company’s stock after purchasing an additional 1,952 shares during the quarter. Van ECK Associates Corp’s holdings in Eaton were worth $789,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. RB Capital Management LLC raised its position in shares of Eaton by 3.5% in the 1st quarter. RB Capital Management LLC now owns 2,759 shares of the industrial products company’s stock valued at $419,000 after acquiring an additional 94 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Eaton by 74.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 101,412 shares of the industrial products company’s stock valued at $15,390,000 after acquiring an additional 43,381 shares during the period. Baird Financial Group Inc. raised its position in shares of Eaton by 0.6% in the 1st quarter. Baird Financial Group Inc. now owns 374,204 shares of the industrial products company’s stock valued at $56,790,000 after acquiring an additional 2,057 shares during the period. Mather Group LLC. raised its position in shares of Eaton by 9.1% in the 1st quarter. Mather Group LLC. now owns 2,682 shares of the industrial products company’s stock valued at $407,000 after acquiring an additional 223 shares during the period. Finally, Ergoteles LLC acquired a new stake in shares of Eaton in the 1st quarter valued at approximately $1,188,000. Institutional investors own 80.19% of the company’s stock.

Eaton Price Performance

NYSE:ETN opened at $164.45 on Tuesday. Eaton Co. plc has a 1-year low of $122.50 and a 1-year high of $171.71. The company has a current ratio of 1.28, a quick ratio of 0.77 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $160.38 and a 200 day simple moving average of $147.68. The stock has a market capitalization of $65.40 billion, a PE ratio of 28.75, a P/E/G ratio of 1.83 and a beta of 1.16.

Eaton (NYSE:ETNGet Rating) last released its earnings results on Tuesday, November 1st. The industrial products company reported $2.02 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.01. Eaton had a net margin of 11.36% and a return on equity of 17.66%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.32 billion. On average, research analysts expect that Eaton Co. plc will post 7.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Thursday, November 10th were paid a $0.81 dividend. The ex-dividend date was Wednesday, November 9th. This represents a $3.24 annualized dividend and a dividend yield of 1.97%. Eaton’s dividend payout ratio is presently 56.64%.

Insiders Place Their Bets

In other Eaton news, insider Brian S. Brickhouse sold 27,438 shares of Eaton stock in a transaction on Friday, November 4th. The shares were sold at an average price of $155.76, for a total transaction of $4,273,742.88. Following the completion of the transaction, the insider now directly owns 28,131 shares of the company’s stock, valued at $4,381,684.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Eaton from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 12th. Credit Suisse Group raised their target price on shares of Eaton from $157.00 to $174.00 and gave the stock an “outperform” rating in a report on Wednesday, November 2nd. Wells Fargo & Company raised their target price on shares of Eaton from $157.00 to $163.00 and gave the stock an “equal weight” rating in a report on Thursday, January 5th. Royal Bank of Canada raised their target price on shares of Eaton from $141.00 to $148.00 and gave the stock a “sector perform” rating in a report on Wednesday, November 2nd. Finally, Morgan Stanley raised their target price on shares of Eaton from $174.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, January 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Eaton currently has an average rating of “Moderate Buy” and an average price target of $163.42.

Eaton Profile

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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

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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