Summit Financial LLC Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

Summit Financial LLC boosted its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 113.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,666 shares of the industrial products company's stock after purchasing an additional 3,543 shares during the period. Summit Financial LLC's holdings in Eaton were worth $2,213,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ETN. Vanguard Group Inc. lifted its position in shares of Eaton by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after buying an additional 99,291 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Eaton by 0.7% in the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company's stock worth $2,665,342,000 after purchasing an additional 56,516 shares during the period. Norges Bank purchased a new stake in shares of Eaton in the fourth quarter worth $1,495,582,000. Franklin Resources Inc. raised its position in shares of Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company's stock valued at $836,938,000 after purchasing an additional 316,830 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company's stock valued at $801,798,000 after buying an additional 597,700 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

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Eaton Trading Down 8.1 %

ETN stock traded down $23.10 during midday trading on Thursday, reaching $260.74. 5,551,734 shares of the company traded hands, compared to its average volume of 2,563,747. The firm has a market capitalization of $102.15 billion, a price-to-earnings ratio of 27.45, a P/E/G ratio of 2.64 and a beta of 1.09. 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 business has a 50 day moving average of $301.05 and a 200-day moving average of $330.91. Eaton Co. plc has a 52-week low of $255.65 and a 52-week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 last year, the firm posted $2.55 EPS. As a group, sell-side 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 declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, March 10th. This is a boost from Eaton's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.60%. Eaton's payout ratio is currently 43.79%.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of analyst reports. Evercore ISI cut their price target on Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a research note on Wednesday, February 19th. JPMorgan Chase & Co. decreased their target price on Eaton from $350.00 to $348.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Barclays cut their price objective on shares of Eaton from $325.00 to $315.00 and set an "equal weight" rating for the company in a report on Wednesday, March 26th. StockNews.com downgraded shares of Eaton from a "buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Melius cut shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 target price for the company. in a research note on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of "Moderate Buy" and an average target price of $357.16.

Eaton Profile

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.