Parallel Advisors LLC Buys 526 Shares of Eaton Co. plc (NYSE:ETN)

Parallel Advisors LLC grew its stake in Eaton Co. plc (NYSE:ETN) by 6.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,113 shares of the industrial products company’s stock after acquiring an additional 526 shares during the period. Parallel Advisors LLC’s holdings in Eaton were worth $2,693,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Noble Wealth Management PBC bought a new stake in shares of Eaton in the fourth quarter valued at about $30,000. Horizon Bancorp Inc. IN lifted its holdings in Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after buying an additional 74 shares during the period. Morse Asset Management Inc purchased a new position in shares of Eaton in the 3rd quarter valued at $33,000. Activest Wealth Management increased its holdings in shares of Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 87 shares during the period. Finally, Knuff & Co LLC purchased a new stake in shares of Eaton during the fourth quarter valued at about $37,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the topic of a number of analyst reports. Barclays cut their price objective on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price on the stock in a research report on Wednesday, March 12th. Melius Research restated a “hold” rating and set a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research note on Tuesday, January 28th. Finally, JPMorgan Chase & Co. cut their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $357.68.

Eaton Price Performance

NYSE:ETN opened at $297.31 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The stock’s 50-day moving average price is $315.29 and its 200-day moving average price is $331.78. The stock has a market capitalization of $116.54 billion, a PE ratio of 31.30, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 return on equity of 22.62% and a net margin of 15.25%. During the same period in the previous year, the firm earned $2.55 earnings per share. As a group, equities analysts expect that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a $1.04 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.40%. Eaton’s dividend payout ratio (DPR) is 43.79%.

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.