Wellington Management Group LLP Has $9.30 Million Holdings in Eaton Co. plc (NYSE:ETN)

Wellington Management Group LLP increased its position in Eaton Co. plc (NYSE:ETN) by 74.6% in the 3rd quarter, Holdings Channel reports. The firm owned 28,057 shares of the industrial products company’s stock after buying an additional 11,992 shares during the quarter. Wellington Management Group LLP’s holdings in Eaton were worth $9,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Strategic Wealth Partners Ltd. boosted its position in shares of Eaton by 3.0% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock valued at $340,000 after acquiring an additional 30 shares in the last quarter. Fairfield Financial Advisors LTD boosted its holdings in Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 30 shares in the last quarter. Legacy Capital Group California Inc. grew its stake in shares of Eaton by 1.2% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after purchasing an additional 32 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Eaton by 2.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after buying an additional 32 shares in the last quarter. Finally, Austin Private Wealth LLC lifted its position in shares of Eaton by 3.7% during the 3rd quarter. Austin Private Wealth LLC now owns 929 shares of the industrial products company’s stock worth $308,000 after buying an additional 33 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ETN. Jefferies Financial Group upped their price target on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Mizuho increased their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Bank of America boosted their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Raymond James dropped their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Finally, Citigroup boosted their target price on Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Price Performance

Shares of ETN stock opened at $356.01 on Monday. 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 12 month low of $231.84 and a 12 month high of $379.99. The firm has a market cap of $140.70 billion, a price-to-earnings ratio of 37.87, a PEG ratio of 2.74 and a beta of 1.03. The stock has a 50-day moving average price of $355.79 and a 200 day moving average price of $326.58.

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

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.06%. Eaton’s dividend payout ratio is currently 40.00%.

Insider Activity at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at $11,811,696. The trade was a 4.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s 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 in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,981 shares of company stock worth $24,100,317. 0.53% of the stock is owned by insiders.

About Eaton

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.