Eaton Co. plc (NYSE:ETN) Shares Purchased by Parallel Advisors LLC

Parallel Advisors LLC grew its holdings in shares of Eaton Co. plc (NYSE:ETN) by 6.9% during the 4th quarter, HoldingsChannel reports. The firm owned 8,113 shares of the industrial products company’s stock after buying 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.

A number of other large investors have also modified their holdings of the business. Cibc World Markets Corp grew its stake in Eaton by 15.3% during the 4th quarter. Cibc World Markets Corp now owns 62,464 shares of the industrial products company’s stock valued at $20,730,000 after acquiring an additional 8,297 shares in the last quarter. SlateStone Wealth LLC grew its position in shares of Eaton by 4.0% in the fourth quarter. SlateStone Wealth LLC now owns 4,630 shares of the industrial products company’s stock valued at $1,536,000 after purchasing an additional 176 shares in the last quarter. First National Advisers LLC increased its holdings in shares of Eaton by 3.7% in the fourth quarter. First National Advisers LLC now owns 10,396 shares of the industrial products company’s stock valued at $3,451,000 after purchasing an additional 369 shares during the last quarter. Glenview Trust co lifted its position in Eaton by 7.2% during the fourth quarter. Glenview Trust co now owns 10,843 shares of the industrial products company’s stock worth $3,598,000 after buying an additional 728 shares in the last quarter. Finally, Sovereign Investment Advisors LLC acquired a new position in Eaton during the fourth quarter worth $228,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of 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 fifty-two week low of $255.65 and a fifty-two week high of $379.99. The company has a market cap of $116.54 billion, a P/E ratio of 31.30, a PEG ratio of 2.64 and a beta of 1.09. The firm’s 50 day moving average price is $315.29 and its 200 day moving average price is $331.78.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company earned $2.55 EPS. On average, research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.40%. Eaton’s payout ratio is currently 43.79%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ETN. Melius Research reiterated a “hold” rating and set a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. Royal Bank of Canada reduced their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Citigroup dropped their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Jefferies Financial Group decreased their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Finally, Evercore ISI cut their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $357.68.

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.