Ascension Asset Management LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Ascension Asset Management LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,475 shares of the industrial products company’s stock, valued at approximately $776,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital World Investors grew its stake in shares of Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares in the last quarter. Jennison Associates LLC grew its position in Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after buying an additional 1,219,790 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Eaton by 2,006.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after buying an additional 918,936 shares during the period. Swedbank AB bought a new stake in shares of Eaton during the 2nd quarter worth about $225,974,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock worth $211,201,000 after acquiring an additional 634,059 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

ETN opened at $328.45 on Friday. The firm has a market capitalization of $131.31 billion, a P/E ratio of 38.78, a PEG ratio of 2.53 and a beta of 1.01. The stock has a fifty day moving average of $301.03 and a 200-day moving average of $313.73. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate 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. Equities analysts forecast that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed 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. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is presently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Heath B. Monesmith sold 49,040 shares of the business’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 transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction that occurred 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 owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Barclays raised their target price on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Royal Bank of Canada dropped their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Jefferies Financial Group raised their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $337.41.

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.