Summit Financial Wealth Advisors LLC Grows Stock Position in Eaton Co. plc (NYSE:ETN)

Summit Financial Wealth Advisors LLC increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 6.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,757 shares of the industrial products company’s stock after acquiring an additional 1,189 shares during the period. Eaton comprises 1.3% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 23rd largest position. Summit Financial Wealth Advisors LLC’s holdings in Eaton were worth $6,547,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Eaton during the 4th quarter worth about $1,495,582,000. Proficio Capital Partners LLC grew its holdings in shares of Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after buying an additional 730,594 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Eaton by 390.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 539,673 shares of the industrial products company’s stock valued at $193,421,000 after buying an additional 429,701 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Eaton by 3,508.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company’s stock worth $133,321,000 after buying an additional 390,595 shares in the last quarter. Finally, APG Asset Management N.V. grew its stake in Eaton by 607.7% during the 4th quarter. APG Asset Management N.V. now owns 412,788 shares of the industrial products company’s stock valued at $132,295,000 after acquiring an additional 354,459 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ETN shares. StockNews.com cut Eaton from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Citigroup dropped their target price on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a report on Monday, January 13th. Royal Bank of Canada lowered their price target 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. Barclays decreased their target price on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a report on Friday, April 4th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Eaton from $350.00 to $289.00 and set an “overweight” rating on the stock in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $355.06.

Eaton Trading Down 3.4 %

Shares of Eaton stock traded down $9.61 during trading hours on Thursday, reaching $273.98. 959,843 shares of the company’s stock were exchanged, compared to its average volume of 2,595,245. The firm has a market capitalization of $107.34 billion, a price-to-earnings ratio of 28.84, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 52-week low of $231.85 and a 52-week high of $379.99. The company has a fifty day moving average of $291.02 and a 200-day moving average of $327.97.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) 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 period in the prior year, the business earned $2.55 earnings per share. Sell-side analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a dividend of $1.04 per share. This is a positive change from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.52%. Eaton’s payout ratio is presently 43.79%.

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.