Point72 Asset Management L.P. Makes New Investment in Eaton Co. plc (NYSE:ETN)

Point72 Asset Management L.P. bought a new stake in Eaton Co. plc (NYSE:ETN) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 315,103 shares of the industrial products company’s stock, valued at approximately $104,438,000.

Several other large investors have also made changes to their positions in the company. Strategic Wealth Partners Ltd. grew its stake in Eaton by 3.0% during the third quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after buying an additional 30 shares during the last quarter. Fairfield Financial Advisors LTD grew its position in Eaton by 16.2% during the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after acquiring an additional 30 shares during the last quarter. Legacy Capital Group California Inc. raised its position in Eaton by 1.2% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after purchasing an additional 32 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in Eaton by 2.1% in the third quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 32 shares in the last quarter. Finally, Well Done LLC grew its holdings in shares of Eaton by 1.3% during the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of ETN stock opened at $373.71 on Wednesday. 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 firm has a fifty day moving average of $350.14 and a 200-day moving average of $325.01. The firm has a market capitalization of $147.69 billion, a price-to-earnings ratio of 39.76, a price-to-earnings-growth ratio of 2.82 and a beta of 1.03.

Eaton (NYSE:ETN) last announced its quarterly 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 company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the prior year, the company earned $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Insider Activity

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was 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 of the company’s stock, 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 through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock worth $24,100,317 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ETN. Citigroup began coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Barclays reduced their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Morgan Stanley started 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. Wells Fargo & Company increased their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

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.