Glenmede Trust Co. NA Increases Position in Eaton Co. plc (NYSE:ETN)

Glenmede Trust Co. NA grew its position in shares of Eaton Co. plc (NYSE:ETN) by 0.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,571 shares of the industrial products company’s stock after purchasing an additional 328 shares during the period. Glenmede Trust Co. NA’s holdings in Eaton were worth $28,693,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Breakwater Investment Management lifted its holdings in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. purchased a new position in shares of Eaton in the second quarter worth about $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton during the 2nd quarter valued at about $33,000. West Financial Advisors LLC bought a new position in Eaton during the 3rd quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Eaton in the 2nd quarter worth approximately $37,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock valued at $24,100,317 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Eaton Price Performance

NYSE ETN opened at $371.97 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton Co. plc has a 1-year low of $224.52 and a 1-year high of $379.99. The stock has a market capitalization of $147.00 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.99 and a beta of 1.01. The business’s fifty day moving average price is $346.61 and its 200-day moving average price is $323.89.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is 40.00%.

Analyst Ratings Changes

Several brokerages have recently issued reports on ETN. Royal Bank of Canada restated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Morgan Stanley initiated coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Finally, Wells Fargo & Company lifted their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

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.