162,941 Eaton Corporation, PLC $ETN Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group increased its Eaton stake by 24.1% in the third quarter, buying 162,941 shares to hold 838,318 shares valued at about $360.2 million. Institutional investors and hedge funds collectively own 82.97% of the stock.
• Eaton reported quarterly EPS of $3.68, above the $3.54 consensus, and revenue of $8.95 billion versus estimates of $8.53 billion. Revenue rose 28% year over year.
• Analysts rated Eaton “Moderate Buy” on average, with a consensus price target of $476.86. The company also announced a quarterly dividend of $1.10 per share, equivalent to a 1.2% annualized yield.

Aberdeen Group plc grew its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 24.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 838,318 shares of the industrial products company's stock after acquiring an additional 162,941 shares during the quarter. Aberdeen Group plc owned 0.22% of Eaton worth $360,234,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Compass Capital Management Inc. boosted its position in shares of Eaton by 797.4% during the 3rd quarter. Compass Capital Management Inc. now owns 138,474 shares of the industrial products company's stock worth $59,504,000 after purchasing an additional 123,043 shares in the last quarter. Valmark Advisers Inc. boosted its position in shares of Eaton by 7.7% in the third quarter. Valmark Advisers Inc. now owns 7,278 shares of the industrial products company's stock valued at $3,127,000 after acquiring an additional 522 shares during the period. PFC Capital Group Inc. grew its stake in Eaton by 2.3% in the 3rd quarter. PFC Capital Group Inc. now owns 3,830 shares of the industrial products company's stock worth $1,646,000 after buying an additional 85 shares in the last quarter. Allworth Financial LP grew its position in Eaton by 39.9% during the third quarter. Allworth Financial LP now owns 97,363 shares of the industrial products company's stock valued at $41,488,000 after acquiring an additional 27,748 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Eaton by 8.5% during the 3rd quarter. Fisher Asset Management LLC now owns 253,620 shares of the industrial products company's stock valued at $108,983,000 after buying an additional 19,922 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of NYSE:ETN opened at $352.35 on Friday. Eaton Corporation, PLC has a 12 month low of $311.92 and a 12 month high of $478.00. The firm has a market capitalization of $136.89 billion, a PE ratio of 35.20, a P/E/G ratio of 2.26 and a beta of 1.15. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.23 and a quick ratio of 0.78. The business has a 50-day moving average of $401.20 and a two-hundred day moving average of $397.13.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $0.14. Eaton had a net margin of 12.18% and a return on equity of 25.09%. The firm had revenue of $8.95 billion for the quarter, compared to analysts' expectations of $8.53 billion. During the same period in the prior year, the company posted $3.07 earnings per share. The firm's quarterly revenue was up 28.0% on a year-over-year basis. As a group, research analysts forecast that Eaton Corporation, PLC will post 13.78 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Tuesday, November 10th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $4.40 dividend on an annualized basis and a yield of 1.2%. Eaton's dividend payout ratio (DPR) is currently 43.96%.

Wall Street Analyst Weigh In

Several research firms recently commented on ETN. Royal Bank Of Canada boosted their price objective on shares of Eaton from $526.00 to $539.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 4th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $534.00 target price (up from $509.00) on shares of Eaton in a research report on Monday, August 3rd. Jefferies Financial Group started coverage on shares of Eaton in a research report on Wednesday. They issued a "neutral" rating and a $395.00 price objective for the company. Mizuho set a $485.00 target price on shares of Eaton in a research note on Wednesday, November 4th. Finally, Citigroup raised their target price on Eaton from $485.00 to $498.00 and gave the stock a "buy" rating in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $476.86.

Eaton Profile

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.

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