GraniteShares Advisors LLC Takes $219,000 Position in Eaton Co. plc (NYSE:ETN)

GraniteShares Advisors LLC purchased a new position in Eaton Co. plc (NYSE:ETN) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,087 shares of the industrial products company’s stock, valued at approximately $219,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Eaton by 8.9% in the 1st quarter. State Street Corp now owns 16,538,340 shares of the industrial products company’s stock valued at $2,833,676,000 after acquiring an additional 1,358,584 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Eaton by 26.2% in the fourth quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock valued at $1,968,521,000 after purchasing an additional 2,602,246 shares in the last quarter. FMR LLC boosted its position in shares of Eaton by 208.8% in the first quarter. FMR LLC now owns 10,075,604 shares of the industrial products company’s stock worth $1,726,354,000 after buying an additional 6,812,750 shares during the period. Geode Capital Management LLC lifted its stake in Eaton by 2.0% in the 1st quarter. Geode Capital Management LLC now owns 7,084,548 shares of the industrial products company’s stock worth $1,210,672,000 after acquiring an additional 136,334 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Eaton by 5.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,369,719 shares of the industrial products company’s stock valued at $849,465,000 after acquiring an additional 302,429 shares in the last quarter. Institutional investors and hedge funds own 81.02% of the company’s stock.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the transaction, the insider now directly owns 7,431 shares of the company’s stock, valued at $1,684,459.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the sale, the insider now directly owns 7,431 shares of the company’s stock, valued at approximately $1,684,459.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas B. Okray sold 4,950 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the transaction, the insider now owns 7,367 shares in the company, valued at $1,702,440.03. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Eaton Stock Down 1.1 %

NYSE ETN opened at $225.53 on Thursday. Eaton Co. plc has a 1-year low of $150.86 and a 1-year high of $240.44. The company has a market capitalization of $90.05 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 2.15 and a beta of 1.07. The stock’s 50 day moving average is $213.43 and its two-hundred day moving average is $203.74. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.13. Eaton had a return on equity of 19.49% and a net margin of 13.24%. The firm had revenue of $5.88 billion for the quarter, compared to analysts’ expectations of $5.89 billion. During the same period in the prior year, the business posted $2.02 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that Eaton Co. plc will post 9.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $3.44 annualized dividend and a yield of 1.53%. Eaton’s dividend payout ratio is 46.05%.

Analysts Set New Price Targets

ETN has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Eaton from $228.00 to $210.00 in a report on Monday, October 9th. Morgan Stanley increased their price objective on Eaton from $235.00 to $238.00 and gave the stock an “overweight” rating in a report on Monday, September 25th. Royal Bank of Canada boosted their target price on Eaton from $215.00 to $220.00 and gave the company a “sector perform” rating in a research note on Wednesday, November 1st. Argus boosted their price target on Eaton from $195.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. Finally, JPMorgan Chase & Co. raised shares of Eaton from a “neutral” rating to an “overweight” rating and set a $230.00 price objective on the stock in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eaton has a consensus rating of “Hold” and an average price target of $219.23.

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.