Healthcare of Ontario Pension Plan Trust Fund Acquires 307,088 Shares of Eaton Co. plc (NYSE:ETN)

Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 628.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 355,990 shares of the industrial products company’s stock after buying an additional 307,088 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.09% of Eaton worth $117,989,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. International Assets Investment Management LLC increased its holdings in Eaton by 27,075.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Swedbank AB acquired a new position in Eaton in the 2nd quarter worth about $225,974,000. Assenagon Asset Management S.A. increased its holdings in 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 purchasing an additional 634,059 shares in the last quarter. Wulff Hansen & CO. increased its holdings in Eaton by 31,255.0% in the 2nd quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after purchasing an additional 476,639 shares in the last quarter. Finally, Electron Capital Partners LLC increased its holdings in Eaton by 8,348.9% in the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock worth $140,008,000 after purchasing an additional 441,239 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 70,117 shares of company stock worth $25,050,901. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Up 0.1 %

Shares of NYSE:ETN opened at $377.23 on Wednesday. The business’s 50 day simple moving average is $345.46 and its two-hundred day simple moving average is $323.55. The firm has a market cap of $149.08 billion, a P/E ratio of 40.13, a PEG ratio of 2.99 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $379.99.

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

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.00%. Eaton’s payout ratio is currently 40.00%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ETN. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 price target on shares of Eaton in a research note on Friday, November 1st. UBS Group began coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and increased their price target for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $357.83.

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.