Perigon Wealth Management LLC Purchases 1,787 Shares of Eaton Co. plc (NYSE:ETN)

Perigon Wealth Management LLC lifted its position in shares of Eaton Co. plc (NYSE:ETN) by 51.5% in the 4th quarter, Holdings Channel reports. The fund owned 5,257 shares of the industrial products company’s stock after buying an additional 1,787 shares during the quarter. Perigon Wealth Management LLC’s holdings in Eaton were worth $1,266,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ETN. PCA Investment Advisory Services Inc. bought a new position in shares of Eaton during the 2nd quarter worth $27,000. Coppell Advisory Solutions Corp. bought a new position in Eaton in the 4th quarter worth about $30,000. Global Trust Asset Management LLC bought a new position in Eaton in the 3rd quarter worth about $32,000. Valued Wealth Advisors LLC bought a new position in Eaton in the 4th quarter worth about $35,000. Finally, Chilton Capital Management LLC bought a new position in Eaton in the 4th quarter worth about $35,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several analyst reports. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $286.00 to $371.00 in a research note on Friday, April 5th. Wolfe Research restated an “underperform” rating and issued a $312.00 target price on shares of Eaton in a research note on Monday, April 8th. Bank of America raised their price target on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. UBS Group raised their price target on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Wells Fargo & Company raised their price target on Eaton from $220.00 to $257.00 and gave the company an “equal weight” rating in a report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $295.60.

Insiders Place Their Bets

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now directly owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the sale, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock valued at $10,904,774 in the last ninety days. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of NYSE ETN opened at $318.50 on Friday. The stock has a market cap of $127.24 billion, a price-to-earnings ratio of 39.71, a P/E/G ratio of 2.65 and a beta of 1.07. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. Eaton Co. plc has a 1-year low of $156.80 and a 1-year high of $331.47. The stock’s 50-day moving average is $296.93 and its 200 day moving average is $251.45.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.06 EPS. On average, sell-side analysts anticipate that Eaton Co. plc will post 10.25 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were paid a $0.94 dividend. This is a boost from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Friday, March 8th. Eaton’s payout ratio is 46.88%.

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.