Zions Bancorporation N.A. Increases Stake in Eaton Co. plc (NYSE:ETN)

Zions Bancorporation N.A. lifted its position in Eaton Co. plc (NYSE:ETN) by 17.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 18,556 shares of the industrial products company’s stock after buying an additional 2,704 shares during the period. Zions Bancorporation N.A.’s holdings in Eaton were worth $6,158,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton in the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new position in Eaton during the fourth quarter valued at approximately $30,000. Horizon Bancorp Inc. IN raised its stake in Eaton by 321.7% in 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 in the last quarter. Morse Asset Management Inc bought a new stake in Eaton during the 3rd quarter valued at $33,000. Finally, Activest Wealth Management boosted its position in Eaton by 621.4% during 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 in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Up 2.7 %

Eaton stock opened at $303.41 on Tuesday. The business’s 50-day simple moving average is $310.56 and its two-hundred day simple moving average is $331.79. 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 company has a market cap of $118.87 billion, a PE ratio of 31.94, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99.

Eaton (NYSE:ETN) last issued its earnings results 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 last year, the company earned $2.55 EPS. Equities analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is 43.79%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ETN. Evercore ISI decreased their price objective 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. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a research report on Tuesday, January 28th. 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. StockNews.com cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Royal Bank of Canada reduced their price target on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.68.

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.