Wambolt & Associates LLC cut its position in Eaton Co. plc (NYSE:ETN - Free Report) by 9.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,151 shares of the industrial products company's stock after selling 1,301 shares during the period. Eaton accounts for 1.3% of Wambolt & Associates LLC's investment portfolio, making the stock its 21st largest holding. Wambolt & Associates LLC's holdings in Eaton were worth $4,033,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new position in Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC acquired a new stake in Eaton during the 4th quarter worth $30,000. Horizon Bancorp Inc. IN lifted its position in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 74 shares during the last quarter. Morse Asset Management Inc acquired a new position in Eaton in the third quarter valued at $33,000. Finally, Activest Wealth Management grew its holdings in shares of Eaton by 621.4% during the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company's stock worth $34,000 after purchasing an additional 87 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.
Eaton Price Performance
Shares of Eaton stock traded down $7.60 during trading on Friday, reaching $273.32. The company's stock had a trading volume of 2,279,514 shares, compared to its average volume of 2,532,099. The business has a 50 day moving average price of $307.35 and a 200-day moving average price of $331.22. The company has a market capitalization of $107.08 billion, a P/E ratio of 28.78, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12-month low of $255.65 and a 12-month high of $379.99.
Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the company posted $2.55 EPS. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current year.
Eaton Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.52%. This is a boost from Eaton's previous quarterly dividend of $0.94. Eaton's dividend payout ratio is currently 43.79%.
Analysts Set New Price Targets
Several analysts have recently weighed in on ETN shares. Melius downgraded Eaton from a "buy" rating to a "hold" rating and set a $373.00 target price for the company. in a report on Tuesday, January 28th. Citigroup reduced their price objective on Eaton from $440.00 to $410.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Jefferies Financial Group decreased their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. JPMorgan Chase & Co. cut their target price on shares of Eaton from $350.00 to $348.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Finally, KeyCorp upgraded shares of Eaton from a "sector weight" rating to an "overweight" rating and set a $340.00 price target for the company in a research note on Wednesday, March 12th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Eaton currently has a consensus rating of "Moderate Buy" and an average target price of $357.16.
Read Our Latest Stock Report on ETN
About Eaton
(
Free Report)
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.
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