Legacy Wealth Management LLC MS Takes $385,000 Position in Eaton Co. plc (NYSE:ETN)

Legacy Wealth Management LLC MS acquired a new stake in Eaton Co. plc (NYSE:ETN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,161 shares of the industrial products company’s stock, valued at approximately $385,000.

Several other institutional investors and hedge funds have also modified their holdings of ETN. Geode Capital Management LLC raised its holdings in Eaton by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after purchasing an additional 56,516 shares during the period. Legal & General Group Plc increased its stake in Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after buying an additional 18,077 shares in the last quarter. Franklin Resources Inc. increased its stake in Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock worth $836,938,000 after buying an additional 316,830 shares in the last quarter. Janus Henderson Group PLC increased its stake in Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after buying an additional 597,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the subject of a number of analyst reports. 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. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and upped their price target for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a research report on Friday, November 1st. Finally, Mizuho upped their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average price target of $367.83.

Insider Activity

In other Eaton news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,981 shares of company stock worth $24,100,317. Corporate insiders own 0.53% of the company’s stock.

Eaton Trading Down 0.6 %

NYSE:ETN traded down $2.11 during trading hours on Friday, reaching $356.53. 309,504 shares of the stock were exchanged, compared to its average volume of 2,078,589. 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 $355.33 and a two-hundred day moving average of $326.59. Eaton Co. plc has a twelve month low of $231.84 and a twelve month high of $379.99. The company has a market capitalization of $140.90 billion, a price-to-earnings ratio of 38.06, a PEG ratio of 2.74 and a beta of 1.03.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.47 earnings per share. On average, equities analysts predict that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

About Eaton

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.