Eaton Co. plc (NYSE:ETN) Shares Purchased by Independence Bank of Kentucky

Independence Bank of Kentucky increased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 53.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,837 shares of the industrial products company’s stock after acquiring an additional 1,694 shares during the period. Independence Bank of Kentucky’s holdings in Eaton were worth $1,603,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Breakwater Investment Management lifted its position in shares of Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Atwood & Palmer Inc. lifted its position in shares of Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares in the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the second quarter valued at $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton in the second quarter valued at $33,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton in the first quarter valued at $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last quarter. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barclays upped their price objective on Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada reduced their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Evercore ISI reduced their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $339.47.

Eaton Stock Up 0.4 %

Shares of ETN stock traded up $1.47 on Friday, reaching $338.41. 123,762 shares of the company’s stock traded hands, compared to its average volume of 2,130,434. 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 company has a market capitalization of $134.72 billion, a P/E ratio of 37.07, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. The business’s 50 day moving average price is $306.50 and its two-hundred day moving average price is $315.37.

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

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given 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 yield of 1.11%. Eaton’s payout ratio is 41.36%.

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.