Prospera Financial Services Inc lifted its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 11.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,314 shares of the industrial products company's stock after acquiring an additional 2,761 shares during the quarter. Prospera Financial Services Inc's holdings in Eaton were worth $9,054,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Breakwater Investment Management raised 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 valued at $26,000 after buying an additional 78 shares during the period. Proffitt & Goodson Inc. purchased a new stake in Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new stake in shares of Eaton during the second quarter worth about $33,000. West Financial Advisors LLC purchased a new position in shares of Eaton in the third quarter valued at approximately $35,000. Finally, DT Investment Partners LLC acquired a new position in shares of Eaton in the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.97% of the company's stock.
In related news, Director Karenann K. Terrell acquired 500 shares of Eaton stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the purchase, the director now directly owns 500 shares in the company, valued at approximately $149,485. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares of the company's stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,705 shares of company stock valued at $24,516,346. Insiders own 0.33% of the company's stock.
Shares of NYSE ETN opened at $357.83 on Tuesday. The business has a 50-day moving average price of $337.19 and a 200 day moving average price of $321.74. The stock has a market cap of $141.41 billion, a PE ratio of 38.07, a price-to-earnings-growth ratio of 2.85 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 52-week low of $224.52 and a 52-week high of $373.49.
Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.47 earnings per share. Equities research analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. Eaton's dividend payout ratio is presently 40.00%.
Several equities analysts have commented on ETN shares. Mizuho raised their price target on shares of Eaton from $365.00 to $385.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Citigroup began coverage on Eaton in a report on Monday, September 16th. They issued a "buy" rating and a $348.00 target price for the company. Morgan Stanley initiated coverage on Eaton in a report on Friday, September 6th. They set an "overweight" rating and a $370.00 price target on the stock. Wells Fargo & Company lifted their price objective on Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Finally, UBS Group assumed coverage on shares of Eaton in a research note on Wednesday, November 13th. They set a "buy" rating and a $431.00 target price on the stock. Four research 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.83.
Read Our Latest Report on ETN
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.
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