Pitcairn Co. Acquires 139 Shares of Eaton Co. plc (NYSE:ETN)

Pitcairn Co. grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,494 shares of the industrial products company’s stock after buying an additional 139 shares during the quarter. Pitcairn Co.’s holdings in Eaton were worth $2,487,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton in the 4th quarter valued at about $27,000. Noble Wealth Management PBC bought a new position in Eaton in the fourth quarter worth about $30,000. Horizon Bancorp Inc. IN lifted its position in 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 period. Morse Asset Management Inc purchased a new position in Eaton during the third quarter valued at $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in shares of Eaton in the fourth quarter worth approximately $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

ETN stock opened at $284.40 on Thursday. The stock has a market cap of $111.42 billion, a P/E ratio of 29.94, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $255.65 and a 52 week 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 firm has a 50 day simple moving average of $301.05 and a 200 day simple moving average of $330.91.

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

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a $1.04 dividend. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.16 annualized dividend and a yield of 1.46%. Eaton’s dividend payout ratio (DPR) is currently 43.79%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ETN. Royal Bank of Canada lowered their price target on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. Jefferies Financial Group decreased their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Barclays reduced their price objective on shares of Eaton from $325.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 26th. Citigroup dropped their price target on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a report on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.16.

Eaton 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.