Rock Creek Group LLC Buys 2,263 Shares of Eaton Corporation, PLC $ETN

Rock Creek Group LLC bought a new stake in Eaton Corporation, PLC (NYSE:ETN) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,263 shares of the industrial products company’s stock, valued at approximately $972,000.

Other hedge funds also recently added to or reduced their stakes in the company. Bellwether Advisors LLC boosted its holdings in shares of Eaton by 562.9% during the third quarter. Bellwether Advisors LLC now owns 3,414 shares of the industrial products company’s stock valued at $1,467,000 after acquiring an additional 2,899 shares during the period. Optas LLC increased its holdings in shares of Eaton by 32.5% in the 3rd quarter. Optas LLC now owns 1,627 shares of the industrial products company’s stock worth $699,000 after acquiring an additional 399 shares during the period. AlTi Global Inc. increased its holdings in shares of Eaton by 52.2% in the 3rd quarter. AlTi Global Inc. now owns 2,758 shares of the industrial products company’s stock worth $1,185,000 after acquiring an additional 946 shares during the period. Phoenix Financial Ltd. bought a new stake in Eaton in the 3rd quarter valued at about $228,000. Finally, Danske Bank A S lifted its position in Eaton by 19.1% in the 3rd quarter. Danske Bank A S now owns 309,954 shares of the industrial products company’s stock valued at $133,190,000 after purchasing an additional 49,676 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ETN shares. Wells Fargo & Company reduced their target price on shares of Eaton from $503.00 to $485.00 and set an “overweight” rating for the company in a research note on Wednesday, November 4th. Argus increased their target price on shares of Eaton from $475.00 to $528.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Rothschild & Co Redburn raised their target price on shares of Eaton from $386.00 to $403.00 and gave the company a “neutral” rating in a research note on Wednesday, September 30th. Sanford C. Bernstein restated an “outperform” rating and set a $534.00 price target (up from $509.00) on shares of Eaton in a research report on Monday, August 3rd. Finally, Deutsche Bank upped 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. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $476.86.

Eaton Price Performance

Shares of NYSE:ETN traded down $6.69 during trading hours on Friday, hitting $352.35. 1,832,731 shares of the company’s stock traded hands, compared to its average volume of 3,276,685. Eaton Corporation, PLC has a 52 week low of $311.92 and a 52 week high of $478.00. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.78 and a current ratio of 1.23. The company’s fifty day simple moving average is $401.20 and its two-hundred day simple moving average is $397.13. The company has a market cap of $136.89 billion, a price-to-earnings ratio of 35.20, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.95 billion for the quarter, compared to analysts’ expectations of $8.53 billion. During the same quarter in the previous year, the company posted $3.07 EPS. The business’s revenue was up 28.0% compared to the same quarter last year. As a group, equities analysts anticipate that Eaton Corporation, PLC will post 13.78 EPS for the current fiscal year.

Eaton Announces Dividend

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

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.