Brookstone Capital Management Boosts Position in Eaton Co. plc (NYSE:ETN)

Brookstone Capital Management raised its stake in Eaton Co. plc (NYSE:ETN) by 2.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,820 shares of the industrial products company’s stock after buying an additional 54 shares during the period. Brookstone Capital Management’s holdings in Eaton were worth $936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the period. International Assets Investment Management LLC raised its position in Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Eaton by 32.8% in the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after buying an additional 597,700 shares during the period. Electron Capital Partners LLC grew its position in shares of Eaton by 8,348.9% during the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock worth $140,008,000 after buying an additional 441,239 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in shares of Eaton during the third quarter valued at $137,794,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Wells Fargo & Company lowered their price target on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Bank of America lifted their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Sanford C. Bernstein began coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Finally, Royal Bank of Canada lifted their price target on Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $368.89.

Insider Activity

In related news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred 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 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 Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,981 shares of company stock valued at $27,660,117. Company insiders own 0.33% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $345.02 on Friday. The company has a 50 day moving average price of $355.04 and a 200 day moving average price of $329.43. The firm has a market capitalization of $136.35 billion, a P/E ratio of 36.70, a PEG ratio of 2.27 and a beta of 1.06. 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 52 week low of $236.04 and a 52 week high of $379.99.

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

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.09%. Eaton’s payout ratio is presently 40.00%.

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.