Peapack Gladstone Financial Corp Increases Stock Holdings in Eaton Co. plc (NYSE:ETN)

Peapack Gladstone Financial Corp increased its holdings in Eaton Co. plc (NYSE:ETN) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,621 shares of the industrial products company’s stock after buying an additional 71 shares during the period. Peapack Gladstone Financial Corp’s holdings in Eaton were worth $5,177,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Breakwater Investment Management raised its stake in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the second quarter valued at approximately $29,000. Groupama Asset Managment lifted its stake in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after buying an additional 4,298 shares during the period. LGT Financial Advisors LLC purchased a new stake in Eaton in the 2nd quarter worth approximately $33,000. Finally, Morse Asset Management Inc acquired a new position in Eaton in the 3rd quarter valued at $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Price Performance

ETN opened at $356.01 on Friday. Eaton Co. plc has a twelve month low of $231.84 and a twelve 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 company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a fifty day simple moving average of $355.79 and a 200 day simple moving average of $326.62.

Eaton (NYSE:ETN) last announced its 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 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 revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.47 earnings per share. Equities research analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

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

Insider Activity at Eaton

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now owns 51,422 shares of the company’s stock, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,981 shares of company stock valued at $24,100,317 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the subject of a number of recent analyst reports. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and lifted their price objective for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Citigroup increased their price objective on shares of Eaton from $394.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Four equities research 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 an average rating of “Moderate Buy” and an average price target of $367.83.

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.