Parr Mcknight Wealth Management Group LLC Makes New Investment in Eaton Co. plc (NYSE:ETN)

Parr Mcknight Wealth Management Group LLC purchased a new position in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, Holdings Channel.com reports. The firm purchased 8,488 shares of the industrial products company’s stock, valued at approximately $2,817,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Eaton by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after purchasing an additional 99,291 shares in the last quarter. FMR LLC lifted its stake in shares of Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock valued at $5,051,807,000 after buying an additional 182,455 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after buying an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after acquiring an additional 192,482 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after acquiring an additional 368,241 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ETN shares. BNP Paribas started coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target for the company. Royal Bank of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a report on Monday, May 5th. Jefferies Financial Group decreased their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Melius Research restated a “hold” rating and set a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Stock Performance

NYSE ETN opened at $320.86 on Friday. The firm has a market cap of $125.55 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $290.07 and its 200-day moving average is $319.44. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the business posted $2.40 earnings per share. The business’s quarterly revenue was up 7.3% on a year-over-year basis. Sell-side analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Monday, May 5th. Eaton’s dividend payout ratio is presently 41.98%.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the sale, the insider now owns 489,444 shares of the company’s stock, valued at approximately $149,490,880.92. This trade represents a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by corporate insiders.

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.