Grant Private Wealth Management Inc Purchases New Holdings in Eaton Co. plc (NYSE:ETN)

Grant Private Wealth Management Inc acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the fourth quarter, Holdings Channel reports. The fund acquired 630 shares of the industrial products company’s stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ETN. Flagship Wealth Advisors LLC acquired a new stake in shares of Eaton during the fourth quarter worth $27,000. Noble Wealth Management PBC purchased a new position in Eaton during the 4th quarter worth $30,000. Groupama Asset Managment lifted its stake in shares of Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 4,298 shares during the period. Horizon Bancorp Inc. IN boosted its holdings in shares of 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 in the last quarter. Finally, Morse Asset Management Inc acquired a new position in shares of Eaton during the third quarter worth about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Jefferies Financial Group reduced their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. JPMorgan Chase & Co. reduced their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Citigroup dropped their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. 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. Finally, KeyCorp raised shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target on the stock in a research note on Wednesday, March 12th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $357.16.

Eaton Price Performance

Shares of NYSE ETN opened at $284.40 on Thursday. 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 fifty-two week low of $255.65 and a fifty-two week high of $379.99. The business has a 50 day moving average price of $301.05 and a two-hundred day moving average price of $330.91. The firm has a market cap of $111.42 billion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 quarter in the prior year, the company earned $2.55 earnings per share. Sell-side analysts expect 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 was paid on Friday, March 28th. Stockholders of record on Monday, March 10th were given a dividend of $1.04 per share. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.46%. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Eaton Company 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.