First Long Island Investors LLC Invests $315,000 in Eaton Co. plc (NYSE:ETN)

First Long Island Investors LLC acquired a new stake in Eaton Co. plc (NYSE:ETN) during the third quarter, according to its most recent filing with the SEC. The firm acquired 951 shares of the industrial products company’s stock, valued at approximately $315,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Altrius Capital Management Inc lifted its holdings in Eaton by 3.4% in the third quarter. Altrius Capital Management Inc now owns 27,474 shares of the industrial products company’s stock valued at $9,106,000 after acquiring an additional 907 shares during the period. KCM Investment Advisors LLC raised its stake in Eaton by 0.8% in the 3rd quarter. KCM Investment Advisors LLC now owns 18,032 shares of the industrial products company’s stock valued at $5,976,000 after purchasing an additional 143 shares during the last quarter. Sheaff Brock Investment Advisors LLC purchased a new stake in Eaton in the 3rd quarter valued at about $229,000. Signature Estate & Investment Advisors LLC grew its holdings in Eaton by 2.9% in the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 9,044 shares of the industrial products company’s stock valued at $2,998,000 after buying an additional 254 shares during the period. Finally, Connable Office Inc. purchased a new stake in Eaton in the 3rd quarter valued at about $2,034,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Eaton news, Director Dorothy C. Thompson purchased 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 transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock worth $24,516,346 in the last three months. 0.53% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Citigroup started coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Barclays cut their target price 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. UBS Group assumed coverage on Eaton in a research report on Wednesday. They set a “buy” rating and a $431.00 price target on the stock. Finally, Wells Fargo & Company upped their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average price target of $357.83.

Eaton Trading Down 0.9 %

Shares of NYSE ETN traded down $3.37 during mid-day trading on Friday, hitting $358.49. 528,151 shares of the company traded hands, compared to its average volume of 2,104,761. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The stock has a market capitalization of $141.68 billion, a price-to-earnings ratio of 38.34, a PEG ratio of 2.96 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average of $334.34 and a two-hundred day moving average of $321.13.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the business earned $2.47 EPS. On average, sell-side analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. Eaton’s dividend payout ratio is 40.00%.

Eaton Company 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.