Parsons Capital Management Inc. RI Grows Stake in Eaton Co. plc (NYSE:ETN)

Parsons Capital Management Inc. RI boosted its position in Eaton Co. plc (NYSE:ETNFree Report) by 0.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,588 shares of the industrial products company’s stock after purchasing an additional 65 shares during the period. Parsons Capital Management Inc. RI’s holdings in Eaton were worth $2,068,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. PCA Investment Advisory Services Inc. purchased a new position in Eaton during the second quarter worth $27,000. Coppell Advisory Solutions Corp. purchased a new position in Eaton during the fourth quarter worth $30,000. Global Trust Asset Management LLC purchased a new position in Eaton during the third quarter worth $32,000. Valued Wealth Advisors LLC purchased a new position in Eaton during the fourth quarter worth $35,000. Finally, Chilton Capital Management LLC purchased a new position in Eaton during the fourth quarter worth $35,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 1.1 %

Eaton stock traded up $3.47 during midday trading on Tuesday, reaching $315.50. The stock had a trading volume of 782,781 shares, compared to its average volume of 1,752,657. The stock’s 50-day simple moving average is $283.16 and its 200 day simple moving average is $244.42. The stock has a market capitalization of $126.04 billion, a PE ratio of 39.34, a price-to-earnings-growth ratio of 2.59 and a beta of 1.07. Eaton Co. plc has a twelve month low of $155.38 and a twelve month high of $317.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51.

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

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Friday, March 8th. This is a boost from Eaton’s previous quarterly dividend of $0.86. Eaton’s payout ratio is currently 46.88%.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent research reports. UBS Group raised their price target on Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Wells Fargo & Company lifted their price objective on Eaton from $220.00 to $257.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 19th. Citigroup lifted their price objective on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Berenberg Bank lifted their price objective on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Finally, Bank of America lifted their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $281.73.

Get Our Latest Research Report on Eaton

Insiders Place Their Bets

In related news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the transaction, the insider now owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock worth $10,904,774 over the last quarter. 0.33% of the stock is owned by corporate insiders.

About Eaton

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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