Envestnet Asset Management Inc. Cuts Holdings in Eaton Co. plc (NYSE:ETN)

Envestnet Asset Management Inc. lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 769,907 shares of the industrial products company’s stock after selling 1,743 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Eaton were worth $255,509,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton during the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton during the fourth quarter worth about $30,000. Horizon Bancorp Inc. IN raised its position 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 buying an additional 74 shares during the last quarter. Morse Asset Management Inc bought a new stake in Eaton in the 3rd quarter valued at $33,000. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in shares of Eaton in the fourth quarter worth about $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of ETN opened at $246.36 on Friday. The company’s fifty day moving average price is $296.43 and its 200-day moving average price is $330.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market capitalization of $96.52 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 1-year low of $236.58 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating 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 firm earned $2.55 earnings per share. On average, equities research analysts predict 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 was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 1.69%. Eaton’s dividend payout ratio is 43.79%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ETN shares. Barclays decreased their price target on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a research note on Friday. Melius Research reissued a “hold” rating and set a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their price objective on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Evercore ISI lowered their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Finally, StockNews.com downgraded shares of Eaton from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average price target of $356.68.

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.