Cornerstone Wealth Group LLC Increases Position in Eaton Co. plc (NYSE:ETN)

Cornerstone Wealth Group LLC increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,030 shares of the industrial products company’s stock after acquiring an additional 37 shares during the period. Cornerstone Wealth Group LLC’s holdings in Eaton were worth $4,713,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Eaton by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after acquiring an additional 259,615 shares in the last quarter. Norges Bank purchased a new stake in Eaton in the 4th quarter valued at approximately $1,087,983,000. Coatue Management LLC increased its position in Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares during the period. Raymond James & Associates raised its stake in shares of Eaton by 1.7% during the 1st quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock worth $1,189,488,000 after buying an additional 64,446 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 0.8 %

ETN traded up $2.31 during trading on Friday, hitting $300.00. The company’s stock had a trading volume of 1,927,595 shares, compared to its average volume of 2,173,228. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The stock has a market cap of $119.94 billion, a PE ratio of 35.42, a PEG ratio of 2.47 and a beta of 1.02. The firm’s 50 day moving average price is $308.07 and its 200-day moving average price is $309.31. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.25%. Eaton’s payout ratio is currently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of recent analyst reports. Raymond James initiated coverage on Eaton in a report on Friday, June 28th. They set an “outperform” rating and a $375.00 price objective on the stock. HSBC boosted their price objective on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Mizuho reaffirmed a “buy” rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Royal Bank of Canada decreased their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays raised their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $328.00.

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.