Northwest & Ethical Investments L.P. Boosts Holdings in Eaton Co. plc (NYSE:ETN)

Northwest & Ethical Investments L.P. boosted its holdings in Eaton Co. plc (NYSE:ETN) by 57.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 21,571 shares of the industrial products company’s stock after acquiring an additional 7,907 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Eaton were worth $7,159,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Flagship Wealth Advisors LLC purchased a new position in Eaton in the 4th quarter worth about $27,000. Noble Wealth Management PBC purchased a new position in Eaton in the 4th quarter worth about $30,000. Horizon Bancorp Inc. IN raised its position in Eaton by 321.7% in the 4th 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 during the last quarter. Morse Asset Management Inc purchased a new position in Eaton in the 3rd quarter worth about $33,000. Finally, Activest Wealth Management raised its position in Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after buying an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

NYSE:ETN opened at $295.34 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The business’s 50-day simple moving average is $312.21 and its two-hundred day simple moving average is $331.15. The stock has a market cap of $115.71 billion, a PE ratio of 31.09, 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 posted its quarterly 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 quarter in the previous year, the firm earned $2.55 EPS. As a group, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

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

Analyst Ratings Changes

ETN has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target for the company in a research note on Wednesday, March 12th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a research note on Tuesday, January 28th. Evercore ISI cut their price target 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. Finally, JPMorgan Chase & Co. cut their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $357.68.

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.