Thoroughbred Financial Services LLC Purchases New Shares in Eaton Co. plc (NYSE:ETN)

Thoroughbred Financial Services LLC bought a new position in Eaton Co. plc (NYSE:ETN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,453 shares of the industrial products company's stock, valued at approximately $1,809,000.

Other hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new position in Eaton during the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton in the fourth quarter valued at $30,000. Horizon Bancorp Inc. IN boosted its stake in shares of Eaton by 321.7% during 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 3rd quarter valued at about $33,000. Finally, Murphy & Mullick Capital Management Corp purchased a new position in Eaton in the 4th quarter valued at about $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com cut shares of Eaton from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Citigroup dropped their price objective on shares of Eaton from $440.00 to $410.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Melius Research restated a "hold" rating and issued a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Royal Bank of Canada decreased their price target on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating on the stock in a report on Thursday, March 6th. Finally, KeyCorp cut their price target on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $355.06.

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Eaton Stock Down 6.0 %

NYSE ETN traded down $17.12 during trading hours on Thursday, reaching $266.47. 2,047,109 shares of the company traded hands, compared to its average volume of 2,599,600. The stock has a market capitalization of $104.40 billion, a PE ratio of 28.28, a PEG ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99. The company has a 50 day moving average of $291.02 and a two-hundred day moving average of $327.97.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping analysts' consensus estimates 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 period in the prior year, the business earned $2.55 earnings per share. As a group, equities analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.56%. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, March 10th. Eaton's dividend payout ratio is 43.79%.

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.