Zions Bancorporation N.A. Acquires 2,704 Shares of Eaton Co. plc (NYSE:ETN)

Zions Bancorporation N.A. lifted its holdings in Eaton Co. plc (NYSE:ETN) by 17.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,556 shares of the industrial products company’s stock after acquiring an additional 2,704 shares during the period. Zions Bancorporation N.A.’s holdings in Eaton were worth $6,158,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. boosted its stake in Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after purchasing an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. bought a new position in shares of Eaton during the fourth quarter worth $297,000. Webster Bank N. A. grew its stake in Eaton by 52.4% during the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after acquiring an additional 6,166 shares in the last quarter. Ballentine Partners LLC increased its holdings in Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after acquiring an additional 790 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Eaton by 13.2% in the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after purchasing an additional 1,694 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 2.7 %

ETN opened at $303.41 on Tuesday. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a market cap of $118.87 billion, a price-to-earnings ratio of 31.94, a P/E/G ratio of 2.64 and a beta of 1.09. The stock’s 50 day moving average price is $310.56 and its 200-day moving average price is $331.79.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period last year, the business earned $2.55 EPS. On average, equities analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.37%. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. Eaton’s payout ratio is 43.79%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ETN. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a report on Tuesday, January 28th. Melius Research restated a “hold” rating and set a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective on the stock in a report on Wednesday, March 12th. Royal Bank of Canada cut their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Finally, StockNews.com downgraded shares of Eaton from a “buy” rating to a “hold” rating in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $357.68.

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.