Mystic Asset Management Inc. Lowers Holdings in Eaton Co. plc (NYSE:ETN)

Mystic Asset Management Inc. reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 1.7% in the 4th quarter, HoldingsChannel reports. The firm owned 19,229 shares of the industrial products company’s stock after selling 326 shares during the period. Eaton accounts for about 1.7% of Mystic Asset Management Inc.’s investment portfolio, making the stock its 10th largest holding. Mystic Asset Management Inc.’s holdings in Eaton were worth $6,382,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC acquired a new position in shares of Eaton in the 4th quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new position in Eaton in the fourth quarter worth $30,000. Groupama Asset Managment grew its holdings in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in shares of Eaton by 321.7% in 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 in the last quarter. Finally, Morse Asset Management Inc bought a new position in shares of Eaton in the third quarter valued at about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Trading Up 1.3 %

NYSE ETN opened at $297.31 on Tuesday. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average of $315.29 and a 200-day moving average of $331.78. The company has a market cap of $116.54 billion, a PE ratio of 31.30, a PEG ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating 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 company earned $2.55 earnings per share. On average, equities research analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is 43.79%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ETN. Barclays dropped their target price on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. JPMorgan Chase & Co. decreased their price objective on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Jefferies Financial Group dropped their target price on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company decreased their price target on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a report on Tuesday, January 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $357.68.

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.