Cambridge Financial Group Inc. Makes New $7.62 Million Investment in Eaton Co. plc (NYSE:ETN)

Cambridge Financial Group Inc. purchased a new position in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,973 shares of the industrial products company’s stock, valued at approximately $7,624,000. Eaton accounts for approximately 3.1% of Cambridge Financial Group Inc.’s investment portfolio, making the stock its 19th biggest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Flagship Wealth Advisors LLC purchased a new position in Eaton during the fourth quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new position in Eaton in the fourth quarter valued at $30,000. Horizon Bancorp Inc. IN grew 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 acquiring an additional 74 shares during the period. Morse Asset Management Inc acquired a new stake in Eaton during the third quarter worth about $33,000. Finally, Murphy & Mullick Capital Management Corp acquired a new position in shares of Eaton in the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of ETN opened at $274.05 on Friday. The stock has a 50 day moving average of $305.90 and a 200-day moving average of $331.12. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The firm has a market cap of $107.37 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last issued 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 net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the previous year, the business earned $2.55 EPS. As a group, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.52%. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, March 10th. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ETN shares. Melius Research restated a “hold” rating and issued a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. StockNews.com cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Wells Fargo & Company cut their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI decreased their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Finally, Barclays reduced their price target on Eaton from $325.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $357.16.

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.