Fred Alger Management LLC Has $82.29 Million Holdings in Eaton Co. plc (NYSE:ETN)

Fred Alger Management LLC boosted its stake in Eaton Co. plc (NYSE:ETN) by 57.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 248,275 shares of the industrial products company’s stock after purchasing an additional 90,384 shares during the period. Fred Alger Management LLC owned about 0.06% of Eaton worth $82,288,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ETN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Eaton by 253.2% during 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 worth $753,590,000 after buying an additional 1,629,856 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after purchasing an additional 1,070,024 shares during the period. Swedbank AB bought a new stake in shares of Eaton during the 2nd quarter valued at about $225,974,000. Assenagon Asset Management S.A. grew its stake in 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 worth $211,201,000 after purchasing an additional 634,059 shares during the period. Finally, Wulff Hansen & CO. increased its holdings in Eaton by 31,255.0% in the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Insider Transactions at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares in the company, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,981 shares of company stock worth $24,100,317 in the last ninety days. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group assumed coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price target on shares of Eaton in a research note on Friday, November 1st. Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Citigroup assumed coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Eaton Stock Performance

Shares of ETN stock opened at $371.98 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm has a 50-day moving average of $347.47 and a 200-day moving average of $324.22. Eaton Co. plc has a one year low of $224.52 and a one year high of $379.99. The company has a market cap of $147.01 billion, a P/E ratio of 39.57, a P/E/G ratio of 2.82 and a beta of 1.01.

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

Eaton Dividend Announcement

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

Eaton Company 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.