Fiduciary Financial Group LLC Acquires New Holdings in Eaton Co. plc (NYSE:ETN)

Fiduciary Financial Group LLC bought a new position in Eaton Co. plc (NYSE:ETN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,819 shares of the industrial products company’s stock, valued at approximately $605,000.

Other institutional investors have also modified their holdings of the company. Tennessee Valley Asset Management Partners acquired a new position in shares of Eaton during the fourth quarter worth $25,000. Vontobel Holding Ltd. raised its stake in Eaton by 8.8% in the fourth quarter. Vontobel Holding Ltd. now owns 16,604 shares of the industrial products company’s stock valued at $3,999,000 after buying an additional 1,346 shares during the last quarter. Dakota Wealth Management boosted its holdings in Eaton by 6.3% in the fourth quarter. Dakota Wealth Management now owns 19,275 shares of the industrial products company’s stock worth $4,642,000 after acquiring an additional 1,134 shares in the last quarter. Keel Point LLC increased its holdings in shares of Eaton by 3.0% during the fourth quarter. Keel Point LLC now owns 1,884 shares of the industrial products company’s stock valued at $454,000 after acquiring an additional 54 shares in the last quarter. Finally, Suncoast Equity Management raised its position in shares of Eaton by 28.6% in the 4th quarter. Suncoast Equity Management now owns 18,215 shares of the industrial products company’s stock valued at $4,387,000 after purchasing an additional 4,049 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

Shares of Eaton stock traded down $5.78 during trading hours on Friday, reaching $296.68. The stock had a trading volume of 2,740,135 shares, compared to its average volume of 2,188,878. The stock’s 50 day moving average is $310.57 and its 200 day moving average is $307.87. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The firm has a market capitalization of $118.61 billion, a PE ratio of 35.12, a PEG ratio of 2.47 and a beta of 1.02.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.27%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Mizuho reissued a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Argus raised their target price on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Raymond James initiated coverage on Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. Wells Fargo & Company reduced their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Finally, HSBC upped their target price on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.53.

Eaton 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.