Independence Bank of Kentucky Increases Stock Holdings in Eaton Co. plc (NYSE:ETN)

Independence Bank of Kentucky raised its position in shares of Eaton Co. plc (NYSE:ETNFree Report) by 108.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,532 shares of the industrial products company’s stock after buying an additional 1,317 shares during the quarter. Independence Bank of Kentucky’s holdings in Eaton were worth $610,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ETN. PCA Investment Advisory Services Inc. purchased a new stake in Eaton in the second quarter worth $27,000. Coppell Advisory Solutions Corp. acquired a new stake in Eaton in the fourth quarter worth about $30,000. Global Trust Asset Management LLC acquired a new stake in Eaton in the third quarter worth about $32,000. Valued Wealth Advisors LLC acquired a new stake in Eaton in the fourth quarter worth about $35,000. Finally, Chilton Capital Management LLC acquired a new stake in Eaton in the fourth quarter worth about $35,000. Institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent analyst reports. Berenberg Bank raised their price target on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Royal Bank of Canada lifted their target price on Eaton from $246.00 to $286.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. Evercore ISI lifted their target price on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $250.00 to $300.00 in a report on Tuesday. Finally, The Goldman Sachs Group lifted their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $281.73.

Check Out Our Latest Report on Eaton

Insider Activity at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the company’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 sale, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.33% of the stock is currently owned by company insiders.

Eaton Stock Performance

NYSE ETN opened at $315.01 on Wednesday. Eaton Co. plc has a fifty-two week low of $155.38 and a fifty-two week high of $317.02. The stock’s fifty day moving average is $284.53 and its two-hundred day moving average is $245.06. The firm has a market capitalization of $125.85 billion, a P/E ratio of 39.28, a price-to-earnings-growth ratio of 2.59 and a beta of 1.07. 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 posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.06 EPS. On average, research analysts anticipate that Eaton Co. plc will post 10.25 earnings per share for the current year.

Eaton Increases Dividend

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

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.

See Also

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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