Accel Wealth Management Raises Stock Position in Eaton Co. plc (NYSE:ETN)

Accel Wealth Management increased its stake in Eaton Co. plc (NYSE:ETN) by 57.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,364 shares of the industrial products company’s stock after acquiring an additional 499 shares during the quarter. Accel Wealth Management’s holdings in Eaton were worth $426,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ritholtz Wealth Management grew its holdings in shares of Eaton by 5.1% during the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after buying an additional 277 shares in the last quarter. Pinnbrook Capital Management LP purchased a new stake in shares of Eaton during the fourth quarter worth $15,109,000. Congress Wealth Management LLC DE grew its holdings in shares of Eaton by 8.1% during the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after buying an additional 5,725 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Eaton by 30.5% during the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after acquiring an additional 7,964 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Eaton during the 4th quarter valued at about $1,001,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the topic of several recent research reports. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $286.00 to $371.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. boosted their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. HSBC boosted their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Raymond James started coverage on shares of Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $318.06.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.

Eaton Stock Up 1.6 %

Shares of ETN opened at $318.42 on Friday. The stock has a market capitalization of $127.30 billion, a PE ratio of 37.59, a P/E/G ratio of 2.68 and a beta of 1.02. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company’s 50-day simple moving average is $325.46 and its 200-day simple moving average is $294.51.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the firm earned $1.88 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Analysts forecast that Eaton Co. plc will post 10.55 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.