Franklin Street Advisors Inc. NC Raises Holdings in Eaton Co. plc (NYSE:ETN)

Franklin Street Advisors Inc. NC lifted its position in Eaton Co. plc (NYSE:ETN) by 12.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,332 shares of the industrial products company’s stock after purchasing an additional 4,753 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Eaton were worth $14,362,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Capital World Investors increased its position in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares in the last quarter. Jennison Associates LLC increased its holdings in Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares during the last quarter. Swedbank AB bought a new position in shares of Eaton during the second quarter valued at approximately $225,974,000. Assenagon Asset Management S.A. boosted its holdings in shares of Eaton by 1,604.4% during the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after acquiring an additional 634,059 shares during the period. Finally, Wulff Hansen & CO. raised its stake in shares of Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after purchasing an additional 476,639 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

NYSE:ETN traded up $1.87 during trading hours on Friday, reaching $338.81. The stock had a trading volume of 83,409 shares, compared to its average volume of 2,130,234. The stock has a market cap of $134.88 billion, a P/E ratio of 37.07, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a 50 day simple moving average of $306.50 and a 200 day simple moving average of $315.37.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. On average, research analysts forecast that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.11%. Eaton’s dividend payout ratio (DPR) is 41.36%.

Analyst Ratings Changes

Several research firms have weighed in on ETN. Royal Bank of Canada lowered their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Barclays increased their target price on Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Finally, Wells Fargo & Company upped their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average price target of $339.47.

Insider Transactions at Eaton

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction 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 $1,186,411.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 in the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

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.