1,629 Eaton Corporation, PLC $ETN Shares Bought by Traynor Capital Management Inc.

Traynor Capital Management Inc. raised its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 87.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,482 shares of the industrial products company’s stock after acquiring an additional 1,629 shares during the quarter. Traynor Capital Management Inc.’s holdings in Eaton were worth $1,496,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in ETN. Wellington Management Group LLP boosted its holdings in Eaton by 19.6% in the second 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 purchasing an additional 1,120,567 shares in the last quarter. National Pension Service increased its stake in Eaton by 3.5% in the second quarter. National Pension Service now owns 864,731 shares of the industrial products company’s stock valued at $368,479,000 after purchasing an additional 29,436 shares during the last quarter. AMF Tjanstepension AB increased its stake in Eaton by 1.4% in the third quarter. AMF Tjanstepension AB now owns 364,814 shares of the industrial products company’s stock valued at $156,764,000 after purchasing an additional 5,168 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Eaton by 87.1% during the third quarter. Assenagon Asset Management S.A. now owns 282,750 shares of the industrial products company’s stock worth $121,501,000 after purchasing an additional 131,624 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd raised its holdings in Eaton by 112.6% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 336,060 shares of the industrial products company’s stock worth $120,199,000 after purchasing an additional 178,000 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

ETN has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of Eaton from $512.00 to $526.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 14th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eaton from $493.00 to $521.00 and gave the stock a “buy” rating in a research note on Wednesday, September 30th. Citigroup boosted their price target on shares of Eaton from $485.00 to $498.00 and gave the company a “buy” rating in a research report on Monday, October 12th. UBS Group upgraded shares of Eaton from a “neutral” rating to a “buy” rating and upped their price objective for the company from $450.00 to $515.00 in a research note on Monday, September 7th. Finally, Weiss Ratings lowered Eaton from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $484.10.

Insiders Place Their Bets

In other Eaton news, insider Heath Monesmith sold 18,036 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $458.04, for a total transaction of $8,261,209.44. Following the transaction, the insider directly owned 50,368 shares of the company’s stock, valued at approximately $23,070,558.72. This trade represents a 26.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Adam Wadecki sold 525 shares of Eaton stock in a transaction on 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 transaction, the insider owned 1,054 shares in the company, valued at approximately $464,329.16. This represents a 33.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.10% of the stock is currently owned by insiders.

Eaton Price Performance

ETN stock opened at $369.20 on Monday. The company has a market capitalization of $143.40 billion, a P/E ratio of 37.56, a PEG ratio of 2.14 and a beta of 1.15. Eaton Corporation, PLC has a twelve month low of $311.92 and a twelve month high of $478.00. The business has a 50 day simple moving average of $411.07 and a 200-day simple moving average of $396.09. The company has a current ratio of 1.24, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91.

Eaton (NYSE:ETN) last announced 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. Eaton had a net margin of 12.75% and a return on equity of 24.58%. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.16 billion. During the same period in the previous year, the company posted $2.95 EPS. The company’s quarterly revenue was up 21.4% on a year-over-year basis. As a group, equities analysts anticipate that Eaton Corporation, PLC will post 13.59 EPS for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Tuesday, November 10th will be paid a dividend of $1.10 per share. The ex-dividend date 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 is currently 44.76%.

Eaton Company Profile

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.