Ritholtz Wealth Management Boosts Holdings in Eaton Co. plc (NYSE:ETN)

Ritholtz Wealth Management raised its position in Eaton Co. plc (NYSE:ETN) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,724 shares of the industrial products company’s stock after buying an additional 277 shares during the period. Ritholtz Wealth Management’s holdings in Eaton were worth $1,379,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ETN. PCA Investment Advisory Services Inc. bought a new position in Eaton during the second quarter worth $27,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Eaton during the 4th quarter valued at about $30,000. Global Trust Asset Management LLC acquired a new stake in Eaton during the third quarter worth about $32,000. Valued Wealth Advisors LLC acquired a new stake in shares of Eaton during the 4th quarter worth approximately $35,000. Finally, Cornerstone Planning Group LLC bought a new stake in shares of Eaton during the second quarter valued at about $36,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN opened at $312.68 on Friday. The business’s 50 day moving average is $280.35 and its 200-day moving average is $243.15. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $124.92 billion, a PE ratio of 38.99, a PEG ratio of 2.61 and a beta of 1.07. Eaton Co. plc has a 1-year low of $155.38 and a 1-year high of $317.02.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the company posted $2.06 EPS. The business’s revenue was up 10.8% on a year-over-year basis. Sell-side analysts predict that Eaton Co. plc will post 10.25 earnings per share for the current year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 11th will be issued a $0.94 dividend. The ex-dividend date is Friday, March 8th. 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 dividend yield of 1.20%. Eaton’s dividend payout ratio is presently 46.88%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETN. Citigroup increased their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a report on Friday, February 2nd. The Goldman Sachs Group raised their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Mizuho raised their price objective on shares of Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Bank of America increased their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Evercore ISI increased their price target on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $274.20.

Insider Buying and Selling at Eaton

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,969 shares of company stock valued at $10,904,774. 0.53% of the stock is currently owned by company 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.