Eaton Co. plc (NYSE:ETN) Shares Acquired by KBC Group NV

KBC Group NV raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 89.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,044 shares of the industrial products company’s stock after acquiring an additional 26,995 shares during the period. KBC Group NV’s holdings in Eaton were worth $18,906,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Breakwater Investment Management increased its position in Eaton by 1,560.0% during the second 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 period. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the 2nd quarter valued at approximately $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the 2nd quarter worth $33,000. West Financial Advisors LLC acquired a new position in Eaton during the third quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Eaton during the second quarter worth $37,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

ETN opened at $358.99 on Friday. The stock has a market cap of $141.87 billion, a P/E ratio of 38.19, a P/E/G 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 company has a fifty day simple moving average of $334.34 and a 200 day simple moving average of $321.13. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49.

Eaton (NYSE:ETN) last announced its 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the firm earned $2.47 EPS. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, research analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Barclays reduced their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Mizuho increased their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company boosted their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and a consensus target price of $357.83.

Insider Buying and Selling

In related news, insider Michael Yelton sold 3,136 shares of the business’s 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 completion of the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The trade was a 44.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karenann K. Terrell bought 500 shares of Eaton stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. Insiders own 0.53% of the company’s stock.

Eaton 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.