Sompo Asset Management Co. Ltd. Invests $787,000 in Eaton Co. plc (NYSE:ETN)

Sompo Asset Management Co. Ltd. acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,370 shares of the industrial products company’s stock, valued at approximately $787,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton in the fourth quarter worth $30,000. Horizon Bancorp Inc. IN boosted its position in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after buying an additional 74 shares during the last quarter. Morse Asset Management Inc bought a new stake in Eaton in the 3rd quarter worth about $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in Eaton during the 4th quarter valued at about $33,000. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on ETN. Wells Fargo & Company reduced their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. KeyCorp cut their target price on shares of Eaton from $340.00 to $325.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Citigroup dropped their price target on shares of Eaton from $396.00 to $323.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. StockNews.com downgraded Eaton from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Jefferies Financial Group lowered their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $350.22.

Eaton Stock Up 3.0 %

NYSE ETN opened at $267.14 on Wednesday. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The firm has a market capitalization of $104.66 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 2.64 and a beta of 1.09. 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 has a fifty day moving average of $283.13 and a two-hundred day moving average of $324.29.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate 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 quarter in the prior year, the business posted $2.55 EPS. On average, analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced 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 1.56%. Eaton’s dividend payout ratio (DPR) is 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.