HighPoint Advisor Group LLC Raises Holdings in Eaton Co. plc (NYSE:ETN)

HighPoint Advisor Group LLC boosted its position in shares of Eaton Co. plc (NYSE:ETN) by 4.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,096 shares of the industrial products company’s stock after buying an additional 351 shares during the period. HighPoint Advisor Group LLC’s holdings in Eaton were worth $2,879,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton during the 4th quarter worth approximately $27,000. Noble Wealth Management PBC bought a new stake in Eaton in the fourth quarter worth $30,000. Groupama Asset Managment raised 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 valued at $31,000 after purchasing an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN lifted its position in Eaton by 321.7% during the fourth 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 last quarter. Finally, Morse Asset Management Inc purchased a new position in shares of Eaton in the 3rd quarter worth $33,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

Eaton stock opened at $271.98 on Tuesday. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The company has a market capitalization of $106.55 billion, a PE ratio of 28.63, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a 50 day moving average price of $304.41 and a 200-day moving average price of $331.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50.

Eaton (NYSE:ETN) last issued its earnings results 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter last year, the firm posted $2.55 earnings per share. As a group, equities analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.53%. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. Eaton’s dividend payout ratio is presently 43.79%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Barclays decreased their price objective on Eaton from $325.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 26th. KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price for the company in a report on Wednesday, March 12th. Melius Research restated a “hold” rating and set a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. Finally, Wells Fargo & Company dropped 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 note on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $357.16.

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.