Naviter Wealth LLC Takes Position in Eaton Co. plc (NYSE:ETN)

Naviter Wealth LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 761 shares of the industrial products company’s stock, valued at approximately $238,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton in the fourth quarter valued at $25,000. Atwood & Palmer Inc. increased its position in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares in the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton in the fourth quarter worth about $29,000. Valued Wealth Advisors LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $35,000. Finally, Chilton Capital Management LLC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $35,000. 82.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ETN. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. JPMorgan Chase & Co. raised their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Argus boosted their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. HSBC raised their target price on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, Wolfe Research reissued an “underperform” rating and set a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $318.06.

Insiders Place Their Bets

In related news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Eaton Trading Up 0.3 %

NYSE:ETN traded up $0.91 on Tuesday, reaching $313.28. The company’s stock had a trading volume of 1,933,172 shares, compared to its average volume of 2,027,908. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The business’s 50-day moving average price is $325.44 and its two-hundred day moving average price is $293.64. The firm has a market cap of $125.25 billion, a PE ratio of 36.77, a PEG ratio of 2.64 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the prior year, the business earned $1.88 EPS. Eaton’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s payout ratio is 44.39%.

About Eaton

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.