Penobscot Investment Management Company Inc. Increases Holdings in Eaton Co. plc (NYSE:ETN)

Penobscot Investment Management Company Inc. boosted its position in Eaton Co. plc (NYSE:ETN) by 3.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,434 shares of the industrial products company’s stock after purchasing an additional 129 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Eaton were worth $1,140,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter valued at about $27,000. Noble Wealth Management PBC acquired a new position in shares of Eaton during the 4th quarter worth approximately $30,000. Groupama Asset Managment lifted its stake in Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after buying an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN grew its holdings in Eaton by 321.7% during 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 last quarter. Finally, Morse Asset Management Inc purchased a new position in Eaton during the third quarter worth $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

NYSE ETN opened at $285.60 on Thursday. The business’s 50-day simple moving average is $308.63 and its 200-day simple moving average is $331.57. The firm has a market capitalization of $111.89 billion, a P/E ratio of 30.06, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. 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 (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping 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 prior year, the company earned $2.55 earnings per share. Equities analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a $1.04 dividend. The ex-dividend date is Monday, March 10th. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.46%. Eaton’s dividend payout ratio (DPR) is 43.79%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Melius lowered Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research note on Tuesday, January 28th. KeyCorp raised shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target on the stock in a research note on Wednesday, March 12th. Citigroup cut their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada decreased their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. Finally, 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 report on Wednesday, February 19th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.