Allstate Corp Buys New Position in Eaton Co. plc (NYSE:ETN)

Allstate Corp purchased a new stake in Eaton Co. plc (NYSE:ETN) during the 4th quarter, HoldingsChannel reports. The firm purchased 11,833 shares of the industrial products company’s stock, valued at approximately $3,927,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton during the fourth quarter valued at about $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton during the 4th quarter worth approximately $30,000. Groupama Asset Managment raised its position in shares of Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 4,298 shares in the last quarter. 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. Finally, Morse Asset Management Inc bought a new stake in shares of Eaton during the third quarter valued at approximately $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. lowered their price objective on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Royal Bank of Canada lowered their price target 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. Evercore ISI dropped their price objective on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Wells Fargo & Company decreased their target price 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. Finally, StockNews.com cut Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $357.16.

Eaton Price Performance

Shares of NYSE:ETN opened at $274.05 on Friday. The business has a 50-day simple moving average of $305.90 and a two-hundred day simple moving average of $331.12. 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 firm has a market cap of $107.37 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth 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 released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating the consensus estimate 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 business earned $2.55 earnings per share. On average, analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a $1.04 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.52%. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is presently 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.