Contravisory Investment Management Inc. Increases Stake in Eaton Co. plc (NYSE:ETN)

Contravisory Investment Management Inc. grew its position in shares of Eaton Co. plc (NYSE:ETN) by 7.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,867 shares of the industrial products company’s stock after buying an additional 122 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Eaton were worth $619,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Oxford Financial Group LTD. LLC increased its holdings in shares of Eaton by 1.7% in the 4th quarter. Oxford Financial Group LTD. LLC now owns 12,195 shares of the industrial products company’s stock valued at $2,937,000 after purchasing an additional 200 shares in the last quarter. Wealthquest Corp purchased a new position in shares of Eaton in the 4th quarter valued at about $208,000. CMG Global Holdings LLC purchased a new position in shares of Eaton in the 4th quarter valued at about $197,000. Winslow Asset Management Inc. increased its holdings in shares of Eaton by 0.3% in the 4th quarter. Winslow Asset Management Inc. now owns 29,960 shares of the industrial products company’s stock valued at $7,215,000 after purchasing an additional 100 shares in the last quarter. Finally, Voisard Asset Management Group Inc. purchased a new position in shares of Eaton in the 4th quarter valued at about $105,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ETN. Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Barclays increased their price target on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI lowered their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $339.47.

Insider Buying and Selling

In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on 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 approximately $21,451,287.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 52,511 shares of company stock valued at $15,809,326. Insiders own 0.53% of the company’s stock.

Eaton Price Performance

ETN opened at $336.94 on Friday. The company’s 50 day simple moving average is $305.71 and its 200 day simple moving average is $315.22. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The stock has a market capitalization of $134.14 billion, a PE ratio of 37.07, a P/E/G ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last released its 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 net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. As a group, sell-side analysts expect that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. Eaton’s dividend payout ratio is presently 41.36%.

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.