Tower Bridge Advisors Increases Stock Position in Eaton Co. plc (NYSE:ETN)

Tower Bridge Advisors raised its position in shares of Eaton Co. plc (NYSE:ETN) by 1.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,879 shares of the industrial products company’s stock after buying an additional 450 shares during the period. Eaton comprises about 1.2% of Tower Bridge Advisors’ investment portfolio, making the stock its 23rd biggest holding. Tower Bridge Advisors’ holdings in Eaton were worth $11,243,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. boosted its position in Eaton by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company’s stock valued at $1,029,000 after buying an additional 28 shares during the period. Westmount Partners LLC boosted its position in Eaton by 3.1% during the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock valued at $327,000 after buying an additional 30 shares during the period. Signal Advisors Wealth LLC lifted its position in shares of Eaton by 3.5% in the 4th quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company’s stock worth $297,000 after purchasing an additional 30 shares during the period. Lantz Financial LLC lifted its position in shares of Eaton by 4.8% in the 4th quarter. Lantz Financial LLC now owns 659 shares of the industrial products company’s stock worth $219,000 after purchasing an additional 30 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of Eaton by 2.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 32 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 1.0 %

NYSE:ETN opened at $293.21 on Friday. The firm has a market cap of $115.88 billion, a P/E ratio of 30.86, a P/E/G ratio of 2.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The firm has a 50-day simple moving average of $326.90 and a two-hundred day simple moving average of $332.29.

Eaton (NYSE:ETN) last announced 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 net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the firm earned $2.55 earnings per share. Analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.42%. Eaton’s payout ratio is currently 39.58%.

Wall Street Analyst Weigh In

Several research firms have recently commented on ETN. Bank of America raised their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Jefferies Financial Group raised their target price on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. dropped their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Royal Bank of Canada reissued an “outperform” rating on shares of Eaton in a research report on Thursday, February 13th. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Eaton in a research report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average target price of $366.05.

Insider Transactions at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.33% of the company’s stock.

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.