Horizon Investments LLC Acquires 4,082 Shares of Eaton Co. plc (NYSE:ETN)

Horizon Investments LLC increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 33.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,250 shares of the industrial products company’s stock after purchasing an additional 4,082 shares during the period. Horizon Investments LLC’s holdings in Eaton were worth $5,393,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. United Bank acquired a new position in Eaton during the third quarter valued at approximately $258,000. GSA Capital Partners LLP bought a new position in shares of Eaton during the third quarter worth $295,000. Thrivent Financial for Lutherans grew its holdings in shares of Eaton by 38.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 80,187 shares of the industrial products company’s stock valued at $26,576,000 after buying an additional 22,367 shares during the period. Glass Wealth Management Co LLC raised its stake in Eaton by 31.5% during the 3rd quarter. Glass Wealth Management Co LLC now owns 3,905 shares of the industrial products company’s stock worth $1,294,000 after buying an additional 935 shares during the period. Finally, Aljian Capital Management LLC bought a new position in Eaton during the third quarter worth about $1,046,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research analyst reports. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target on the stock in a research report on Wednesday, March 12th. Barclays cut their price target on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a research note on Monday, March 3rd. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Wells Fargo & Company lowered their target price on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Finally, Jefferies Financial Group cut their price target on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $357.68.

Eaton Trading Up 1.3 %

Eaton stock opened at $297.31 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a 50-day simple moving average of $315.29 and a 200 day simple moving average of $331.78. The stock has a market capitalization of $116.54 billion, a P/E ratio of 31.30, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating 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 previous year, the firm posted $2.55 EPS. Analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a $1.04 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.40%. Eaton’s dividend payout ratio is presently 43.79%.

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.