Corebridge Financial Inc. Buys 4,184 Shares of Eaton Co. plc (NYSE:ETN)

Corebridge Financial Inc. lifted its stake in Eaton Co. plc (NYSE:ETN) by 3.9% in the 4th quarter, HoldingsChannel reports. The firm owned 110,662 shares of the industrial products company’s stock after buying an additional 4,184 shares during the quarter. Corebridge Financial Inc.’s holdings in Eaton were worth $36,725,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton during the 4th quarter worth approximately $30,000. Horizon Bancorp Inc. IN lifted its stake in shares of 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 purchasing an additional 74 shares during the period. Morse Asset Management Inc purchased 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 fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN opened at $295.88 on Monday. The company’s 50-day simple moving average is $311.30 and its two-hundred day simple moving average is $331.67. 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 $115.92 billion, a P/E ratio of 31.14, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52-week low of $255.65 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 quarter in the prior year, the business earned $2.55 EPS. As a group, analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a $1.04 dividend. The ex-dividend date is Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.41%. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is presently 43.79%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Melius Research reissued a “hold” rating and set a $373.00 price objective on shares of Eaton in a research report on Tuesday, January 28th. Wells Fargo & Company decreased their price target on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. 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 report on Monday, March 3rd. Jefferies Financial Group decreased their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Finally, Evercore ISI dropped their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.