Eaton Corporation, PLC $ETN Stock Position Raised by Traynor Capital Management Inc.

Traynor Capital Management Inc. increased its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 87.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 3,482 shares of the industrial products company’s stock after purchasing an additional 1,629 shares during the period. Traynor Capital Management Inc.’s holdings in Eaton were worth $1,496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ETN. Wellington Management Group LLP increased its stake in Eaton by 19.6% in the 2nd quarter. Wellington Management Group LLP now owns 6,827,266 shares of the industrial products company’s stock valued at $2,909,235,000 after buying an additional 1,120,567 shares during the period. National Pension Service raised its position in Eaton by 3.5% during the 2nd quarter. National Pension Service now owns 864,731 shares of the industrial products company’s stock worth $368,479,000 after buying an additional 29,436 shares during the last quarter. AMF Tjanstepension AB raised its position in Eaton by 1.4% during the 3rd quarter. AMF Tjanstepension AB now owns 364,814 shares of the industrial products company’s stock worth $156,764,000 after buying an additional 5,168 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Eaton by 112.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 336,060 shares of the industrial products company’s stock worth $120,199,000 after acquiring an additional 178,000 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Eaton by 87.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 282,750 shares of the industrial products company’s stock worth $121,501,000 after acquiring an additional 131,624 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Gerald Johnson purchased 130 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was acquired at an average price of $455.90 per share, for a total transaction of $59,267.00. Following the acquisition, the director directly owned 1,829 shares of the company’s stock, valued at $833,841.10. This trade represents a 7.65% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Wadecki sold 525 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $440.54, for a total transaction of $231,283.50. Following the completion of the sale, the insider owned 1,054 shares of the company’s stock, valued at $464,329.16. This trade represents a 33.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.10% of the company’s stock.

Eaton Trading Down 0.2%

NYSE:ETN opened at $369.20 on Monday. The stock has a fifty day moving average price of $411.07 and a two-hundred day moving average price of $396.09. The stock has a market capitalization of $143.40 billion, a price-to-earnings ratio of 37.56, a PEG ratio of 2.14 and a beta of 1.15. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.24. Eaton Corporation, PLC has a 1 year low of $311.92 and a 1 year high of $478.00.

Eaton (NYSE:ETN) last released its earnings results on Friday, July 31st. The industrial products company reported $3.15 EPS for the quarter, beating analysts’ consensus estimates of $3.08 by $0.07. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.16 billion. Eaton had a return on equity of 24.58% and a net margin of 12.75%. Eaton’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.95 earnings per share. As a group, sell-side analysts anticipate that Eaton Corporation, PLC will post 13.59 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Tuesday, November 10th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.2%. Eaton’s dividend payout ratio is 44.76%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ETN shares. Morgan Stanley lifted their target price on shares of Eaton from $500.00 to $520.00 and gave the company an “overweight” rating in a report on Friday, August 28th. Wall Street Zen cut shares of Eaton from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. BMO Capital Markets increased their price target on shares of Eaton from $477.00 to $487.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Eaton from $493.00 to $521.00 and gave the company a “buy” rating in a research report on Wednesday, September 30th. Finally, Wells Fargo & Company assumed coverage on Eaton in a report on Thursday, September 24th. They issued an “overweight” rating and a $503.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $484.10.

About Eaton

Eaton Corporation plc is a global intelligent power management company that helps businesses, utilities, data centers, manufacturers and other organizations manage electrical, hydraulic and mechanical power more safely, efficiently and reliably. Its solutions support applications ranging from power distribution and backup systems to industrial automation, building infrastructure and transportation.

The company’s Electrical segment provides products and systems such as circuit breakers, switchgear, power distribution equipment, surge protection, energy management software and data center power solutions.