IHT Wealth Management LLC Buys New Shares in Eaton Co. PLC (NYSE:ETN)

IHT Wealth Management LLC bought a new position in shares of Eaton Co. PLC (NYSE:ETN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,639 shares of the industrial products company’s stock, valued at approximately $219,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Wealthsource Partners LLC boosted its position in shares of Eaton by 15.6% in the third quarter. Wealthsource Partners LLC now owns 6,002 shares of the industrial products company’s stock worth $499,000 after acquiring an additional 811 shares during the last quarter. Colonial Trust Advisors increased its position in Eaton by 9.1% during the third quarter. Colonial Trust Advisors now owns 47,717 shares of the industrial products company’s stock worth $3,968,000 after purchasing an additional 3,981 shares during the last quarter. KCM Investment Advisors LLC raised its stake in Eaton by 2.6% during the third quarter. KCM Investment Advisors LLC now owns 9,004 shares of the industrial products company’s stock worth $749,000 after purchasing an additional 230 shares during the period. Baker Avenue Asset Management LP raised its stake in Eaton by 5.7% during the third quarter. Baker Avenue Asset Management LP now owns 53,624 shares of the industrial products company’s stock worth $4,458,000 after purchasing an additional 2,899 shares during the period. Finally, Penserra Capital Management LLC boosted its holdings in shares of Eaton by 601.6% in the 3rd quarter. Penserra Capital Management LLC now owns 2,610 shares of the industrial products company’s stock valued at $216,000 after purchasing an additional 2,238 shares during the last quarter. Hedge funds and other institutional investors own 78.39% of the company’s stock.

Several analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Eaton from a “sell” rating to a “hold” rating and set a $94.00 price objective for the company in a research note on Thursday, October 31st. Robert W. Baird increased their target price on Eaton from $80.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley set a $87.00 target price on Eaton and gave the company a “hold” rating in a report on Friday, November 1st. Vertical Group downgraded Eaton from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th. Finally, Oppenheimer upgraded Eaton from a “market perform” rating to an “outperform” rating and set a $95.00 price target for the company in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $89.33.

In related news, Director Michael J. Critelli sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $92.00, for a total transaction of $920,000.00. Following the sale, the director now directly owns 55,566 shares in the company, valued at approximately $5,112,072. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Richard H. Fearon sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $90.05, for a total value of $3,061,700.00. Following the transaction, the insider now directly owns 200,384 shares in the company, valued at $18,044,579.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,988 shares of company stock valued at $7,121,888. Insiders own 0.70% of the company’s stock.

Shares of ETN stock opened at $91.40 on Wednesday. The company’s fifty day simple moving average is $88.75 and its 200-day simple moving average is $82.39. Eaton Co. PLC has a 52 week low of $64.46 and a 52 week high of $93.38. The company has a current ratio of 1.72, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52. The company has a market cap of $38.24 billion, a PE ratio of 16.96, a P/E/G ratio of 1.85 and a beta of 1.44.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $1.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.01. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the business posted $1.43 EPS. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Equities research analysts expect that Eaton Co. PLC will post 5.73 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 1st were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.11%. The ex-dividend date was Thursday, October 31st. Eaton’s payout ratio is 52.69%.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

Further Reading: Hedge Funds

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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