Prosperity Financial Group Inc. Acquires 523 Shares of Eaton Co. plc (NYSE:ETN)

Prosperity Financial Group Inc. lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 15.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,833 shares of the industrial products company’s stock after acquiring an additional 523 shares during the period. Prosperity Financial Group Inc.’s holdings in Eaton were worth $1,272,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Natural Investments LLC bought a new stake in Eaton in the 4th quarter worth about $2,781,000. AGF Management Ltd. grew its position in shares of Eaton by 8.1% during the 4th quarter. AGF Management Ltd. now owns 364,554 shares of the industrial products company’s stock valued at $120,985,000 after acquiring an additional 27,249 shares during the period. Wealthfront Advisers LLC grew its position in shares of Eaton by 7.0% during the 4th quarter. Wealthfront Advisers LLC now owns 46,054 shares of the industrial products company’s stock valued at $15,284,000 after acquiring an additional 2,997 shares during the period. Founders Financial Alliance LLC grew its position in shares of Eaton by 0.7% during the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company’s stock valued at $1,797,000 after acquiring an additional 35 shares during the period. Finally, Miller Financial Services LLC bought a new position in shares of Eaton during the 4th quarter valued at approximately $1,716,000. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Melius Research reissued a “hold” rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Wells Fargo & Company reduced their target price 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. JPMorgan Chase & Co. reduced their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Evercore ISI dropped their price target on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group upped their price target on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. 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 an average price target of $362.58.

Eaton Price Performance

Shares of NYSE:ETN opened at $282.89 on Wednesday. The stock has a market cap of $110.89 billion, a PE ratio of 29.78, a PEG ratio of 2.64 and a beta of 1.09. The company’s fifty day moving average is $319.04 and its 200 day moving average is $331.92. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping 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 period in the previous year, the firm posted $2.55 EPS. Research analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

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.