Optas LLC Buys 89 Shares of Eaton Co. plc (NYSE:ETN)

Optas LLC grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 880 shares of the industrial products company’s stock after buying an additional 89 shares during the period. Optas LLC’s holdings in Eaton were worth $276,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Congress Wealth Management LLC DE increased its stake in Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after buying an additional 5,725 shares in the last quarter. Norden Group LLC bought a new position in Eaton in the 1st quarter worth approximately $2,176,000. Weiss Asset Management LP purchased a new position in Eaton during the fourth quarter valued at $1,001,000. Prospector Partners LLC lifted its stake in Eaton by 0.6% in the 4th quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock worth $17,172,000 after purchasing an additional 415 shares in the last quarter. Finally, Spire Wealth Management grew its position in shares of Eaton by 66.0% during the fourth quarter. Spire Wealth Management now owns 14,914 shares of the industrial products company’s stock valued at $3,648,000 after purchasing an additional 5,932 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

ETN stock traded up $2.31 during midday trading on Friday, reaching $300.00. The stock had a trading volume of 1,950,652 shares, compared to its average volume of 2,173,366. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. The firm has a fifty day simple moving average of $307.69 and a two-hundred day simple moving average of $309.79. The stock has a market cap of $119.94 billion, a PE ratio of 35.42, a P/E/G ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.66 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.25%. Eaton’s dividend payout ratio is presently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related 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 value of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 owns 71,262 shares in the company, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Royal Bank of Canada decreased their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Raymond James started coverage on shares of Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target on the stock. Mizuho reaffirmed a “buy” rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Wells Fargo & Company decreased their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton currently has a consensus 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.