Maverick Capital Ltd. Has $4.16 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Maverick Capital Ltd. raised its position in Eaton Co. plc (NYSE:ETN) by 403.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,553 shares of the industrial products company’s stock after buying an additional 10,058 shares during the quarter. Maverick Capital Ltd.’s holdings in Eaton were worth $4,161,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ETN. LRI Investments LLC acquired a new position in Eaton in the 1st quarter valued at $66,000. EverSource Wealth Advisors LLC lifted its position in shares of Eaton by 14.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,230 shares of the industrial products company’s stock valued at $392,000 after acquiring an additional 158 shares during the period. Old Port Advisors bought a new stake in shares of Eaton during the 1st quarter valued at $226,000. Park Place Capital Corp lifted its position in shares of Eaton by 4.8% during the 2nd quarter. Park Place Capital Corp now owns 5,020 shares of the industrial products company’s stock valued at $1,574,000 after acquiring an additional 232 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Eaton by 20.2% during the 2nd quarter. GAMMA Investing LLC now owns 7,438 shares of the industrial products company’s stock valued at $2,332,000 after acquiring an additional 1,251 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Price Performance

ETN stock opened at $375.43 on Friday. The firm has a market cap of $148.37 billion, a price-to-earnings ratio of 39.94, a PEG ratio of 2.82 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12-month low of $224.61 and a 12-month high of $379.99. The company’s fifty day simple moving average is $348.37 and its 200 day simple moving average is $324.54.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the business earned $2.47 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

Insider Activity

In related news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was 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 represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,981 shares of company stock worth $24,100,317. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on ETN shares. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein assumed coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Raymond James decreased their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Mizuho boosted their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Citigroup assumed coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 target price on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

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.