Magnetar Financial LLC buys new shares in Eaton Co. plc (NYSE:ETN)

Magnetar Financial LLC bought a new stake in Eaton Co. plc (NYSE:ETN – Free Report) during the second quarter, HoldingsChannel reports. The firm purchased 14,916 shares of the industrial products company’s stock, valued at approximately $4,677,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Legacy Capital Group California Inc. grew its position in shares of Eaton by 1.2% in the second 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 in the last quarter. Well Done LLC grew its position in Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after buying an additional 33 shares in the last quarter. Verdence Capital Advisors LLC grew its position in Eaton by 1.7% in the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock worth $644,000 after purchasing an additional 34 shares during the last quarter. JW Cole Advisors Inc. raised its position in Eaton by 1.7% during the second quarter. JW Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock worth $644,000 after purchasing an additional 35 shares in the last quarter. Finally, Fragasso Group Inc. raised its position in Eaton by 3.6% in the first quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 36 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s shares.

Insider buying and selling at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC’s website. In other news, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The acquisition was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold a total of 52,511 shares of company stock worth $15,809,326. Insiders hold 0.53% of the company’s stock.

Analysts on Wall Street are forecasting an increase

ETN has been the subject of several recent analyst reports. Raymond James cut their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Wells Fargo & Company reduced 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. Barclays boosted their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wolfe Research upgraded Eaton from an “underperform” rating to an “outperform” rating in a report on Friday, September 6th. Finally, Citigroup began coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective for the company. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $337.41, according to MarketBeat.com.

Read our latest review of Eaton

Eaton’s stock performance

NYSE:ETN opened at $330.60 on Monday. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The company has a quick ratio of 1.07, a current ratio of 1.56, and a debt-to-equity ratio of 0.44. The stock’s 50-day simple moving average is $299.93, and its 200-day simple moving average is $312.71. The firm has a market cap of $132.17 billion, a PE ratio of 39.03, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN – Get Your Free Report ) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (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 for the quarter, compared to analysts’ expectations of $6.35 billion. On average, analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.94 dividend. This represents a dividend of $3.76 on an annualized basis and a yield of 1.14%. The ex-dividend date was Monday, August 5. Eaton’s dividend payout ratio is currently 44.39%.

About Eaton

(Free Report)

Eaton Corporation plc operates as a global energy management company. The company’s Electrical Americas and Electrical Global segments provide electrical components, industrial components, power distribution and assemblies, residential products, single-phase and three-phase power quality and connectivity products, wiring devices, circuit protection products, power distribution products utilities, power reliability equipment and services, as well as electrical equipment for hazardous loads, emergency lighting, fire detection, explosion proof instruments and structural support systems.

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