Point72 Asset Management L.P. Invests $104.44 Million in Eaton Co. plc (NYSE:ETN)

Point72 Asset Management L.P. purchased a new stake in Eaton Co. plc (NYSE:ETN) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 315,103 shares of the industrial products company’s stock, valued at approximately $104,438,000. Point72 Asset Management L.P. owned 0.08% of Eaton as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ETN. CWM LLC raised its holdings in shares of Eaton by 15.3% during the second quarter. CWM LLC now owns 16,811 shares of the industrial products company’s stock valued at $5,271,000 after acquiring an additional 2,228 shares during the period. Walden Wealth Partners LLC lifted its holdings in shares of Eaton by 40.0% in the second quarter. Walden Wealth Partners LLC now owns 2,100 shares of the industrial products company’s stock valued at $658,000 after purchasing an additional 600 shares in the last quarter. Salem Investment Counselors Inc. boosted its position in shares of Eaton by 5.4% in the second quarter. Salem Investment Counselors Inc. now owns 8,380 shares of the industrial products company’s stock worth $2,628,000 after buying an additional 430 shares during the period. Bourgeon Capital Management LLC grew its holdings in shares of Eaton by 0.3% during the second quarter. Bourgeon Capital Management LLC now owns 44,186 shares of the industrial products company’s stock valued at $13,855,000 after buying an additional 121 shares in the last quarter. Finally, Clarius Group LLC raised its position in Eaton by 17.0% during the second quarter. Clarius Group LLC now owns 3,105 shares of the industrial products company’s stock valued at $974,000 after buying an additional 451 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

NYSE ETN opened at $373.71 on Wednesday. The company has a market cap of $147.69 billion, a P/E ratio of 39.76, a P/E/G ratio of 2.82 and a beta of 1.03. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 1 year low of $224.61 and a 1 year high of $379.99. The company has a fifty day simple moving average of $350.14 and a 200 day simple moving average of $325.01.

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

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. 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 dividend payout ratio (DPR) is currently 40.00%.

Analysts Set New Price Targets

A number of brokerages have commented on ETN. Wells Fargo & Company raised their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Bank of America lifted their target price on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Insider Activity at Eaton

In other news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the sale, the insider now owns 31,200 shares in the company, valued at approximately $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 a total of 66,981 shares of company stock worth $24,100,317 in the last ninety days. 0.33% of the stock is currently owned by insiders.

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.