Glenview Trust co Acquires 728 Shares of Eaton Co. plc (NYSE:ETN)

Glenview Trust co increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 7.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,843 shares of the industrial products company’s stock after buying an additional 728 shares during the quarter. Glenview Trust co’s holdings in Eaton were worth $3,598,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the 4th quarter worth $30,000. Groupama Asset Managment grew its stake in Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after buying an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN increased its holdings in Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after buying an additional 74 shares during the period. Morse Asset Management Inc acquired a new position in shares of Eaton in the 3rd quarter valued at approximately $33,000. Finally, Activest Wealth Management boosted its position in shares of Eaton by 621.4% during the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 87 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the subject of several recent analyst reports. KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price for the company in a research note on Wednesday, March 12th. Melius Research reaffirmed a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their target price on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Citigroup reduced their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, Royal Bank of Canada lowered their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.68.

Eaton Stock Performance

Shares of ETN stock opened at $294.53 on Monday. The stock has a market capitalization of $115.45 billion, a PE ratio of 31.00, a PEG ratio of 2.64 and a beta of 1.09. The business’s 50 day simple moving average is $316.31 and its 200 day simple moving average is $331.81. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the company posted $2.55 EPS. As a group, research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.41%. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. Eaton’s payout ratio is currently 43.79%.

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.