JPL Wealth Management LLC Purchases Shares of 2,469 Eaton Co. plc (NYSE:ETN)

JPL Wealth Management LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,469 shares of the industrial products company’s stock, valued at approximately $819,000.

Other institutional investors have also made changes to their positions in the company. B. Riley Wealth Advisors Inc. grew its holdings in shares of Eaton by 48.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock valued at $13,533,000 after purchasing an additional 13,497 shares in the last quarter. Lighthouse Wealth Management Inc. acquired a new position in Eaton during the 4th quarter worth approximately $297,000. Webster Bank N. A. grew its holdings in Eaton by 52.4% during the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock worth $5,949,000 after acquiring an additional 6,166 shares in the last quarter. Ballentine Partners LLC grew its holdings in Eaton by 9.3% during the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after acquiring an additional 790 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Eaton by 13.2% during the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after acquiring an additional 1,694 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ETN shares. Wells Fargo & Company reduced their price objective on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Evercore ISI reduced their price objective on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Bank of America boosted their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. reduced their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Finally, Jefferies Financial Group reduced their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $356.20.

Insider Transactions at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $292.13 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a market capitalization of $114.52 billion, a P/E ratio of 30.75, a P/E/G ratio of 2.64 and a beta of 1.09. The company’s fifty day moving average is $318.25 and its two-hundred day moving average is $331.65. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly 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 firm posted $2.55 EPS. On average, sell-side analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.42%. Eaton’s dividend payout ratio 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.