Bragg Financial Advisors Inc Has $23.81 Million Position in Eaton Co. plc (NYSE:ETN)

Bragg Financial Advisors Inc lowered its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 3.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 71,754 shares of the industrial products company's stock after selling 2,334 shares during the period. Eaton makes up approximately 1.0% of Bragg Financial Advisors Inc's investment portfolio, making the stock its 27th largest position. Bragg Financial Advisors Inc's holdings in Eaton were worth $23,813,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. B. Riley Wealth Advisors Inc. lifted its holdings in Eaton by 48.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company's stock worth $13,533,000 after buying an additional 13,497 shares during the last quarter. Lighthouse Wealth Management Inc. purchased a new position in Eaton in the fourth quarter valued at approximately $297,000. Webster Bank N. A. lifted its position in shares of Eaton by 52.4% during the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company's stock worth $5,949,000 after buying an additional 6,166 shares during the last quarter. Ballentine Partners LLC lifted its stake in Eaton by 9.3% in the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company's stock valued at $3,072,000 after buying an additional 790 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Eaton by 13.2% during the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company's stock worth $4,804,000 after purchasing an additional 1,694 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ETN shares. JPMorgan Chase & Co. dropped their target price on Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. KeyCorp dropped their price objective on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Barclays decreased their price objective on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a research note on Friday, April 4th. Wells Fargo & Company reduced their target price on Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Finally, Evercore ISI lowered their target price on shares of Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a research note on Wednesday, February 19th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Eaton currently has a consensus rating of "Moderate Buy" and an average target price of $350.22.

Eaton Stock Performance

Eaton stock traded down $0.80 during midday trading on Tuesday, reaching $277.03. 2,216,233 shares of the company's stock were exchanged, compared to its average volume of 2,621,179. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The stock's 50-day simple moving average is $287.83 and its 200 day simple moving average is $326.48. The firm has a market cap of $108.53 billion, a price-to-earnings ratio of 29.16, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the business posted $2.55 earnings per share. On average, analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.50%. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. Eaton's dividend payout ratio (DPR) is 43.79%.

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.