Eaton Co. plc (NYSE:ETN) Shares Bought by Otter Creek Advisors LLC

Otter Creek Advisors LLC increased its holdings in Eaton Co. plc (NYSE:ETN) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,960 shares of the industrial products company’s stock after buying an additional 260 shares during the quarter. Eaton comprises approximately 3.0% of Otter Creek Advisors LLC’s investment portfolio, making the stock its 19th largest holding. Otter Creek Advisors LLC’s holdings in Eaton were worth $4,627,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ETN. International Assets Investment Management LLC grew its stake in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares during the period. Swedbank AB acquired a new stake in shares of Eaton during the 2nd quarter worth approximately $225,974,000. Assenagon Asset Management S.A. grew its stake in shares of Eaton by 1,604.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after purchasing an additional 634,059 shares during the period. Wulff Hansen & CO. grew its stake in shares of Eaton by 31,255.0% during the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares during the period. Finally, Electron Capital Partners LLC lifted its position in shares of Eaton by 8,348.9% during the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock valued at $140,008,000 after buying an additional 441,239 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ETN. Sanford C. Bernstein began coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price on the stock. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Mizuho increased their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Morgan Stanley began coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Finally, Wells Fargo & Company raised their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Up 2.9 %

Shares of NYSE:ETN opened at $371.08 on Friday. The business has a 50-day moving average price of $341.32 and a 200 day moving average price of $322.65. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $146.65 billion, a price-to-earnings ratio of 39.48, a PEG ratio of 2.89 and a beta of 1.01. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. The company 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%. Eaton’s revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.47 EPS. Sell-side analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 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.