C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys 352 Shares of Eaton Co. plc (NYSE:ETN)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 24.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,791 shares of the industrial products company’s stock after purchasing an additional 352 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Eaton were worth $560,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Verdence Capital Advisors LLC lifted its stake in Eaton by 1.7% during the 1st quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after acquiring an additional 34 shares during the period. Wendell David Associates Inc. boosted its holdings in Eaton by 4.0% in the first quarter. Wendell David Associates Inc. now owns 936 shares of the industrial products company’s stock valued at $293,000 after purchasing an additional 36 shares during the last quarter. Fragasso Group Inc. grew its position in Eaton by 3.6% during the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 36 shares during the period. Valley National Advisers Inc. lifted its holdings in shares of Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock valued at $213,000 after buying an additional 36 shares during the period. Finally, FinTrust Capital Advisors LLC boosted its stake in shares of Eaton by 2.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after buying an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN traded up $8.36 during midday trading on Wednesday, hitting $327.07. The company had a trading volume of 1,691,158 shares, compared to its average volume of 2,000,071. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The stock has a market cap of $130.76 billion, a price-to-earnings ratio of 38.45, a price-to-earnings-growth ratio of 2.68 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The business’s 50-day simple moving average is $325.17 and its 200-day simple moving average is $297.04.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm earned $1.88 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, research analysts predict that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.15%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Analysts Set New Price Targets

A number of research analysts have issued reports on ETN shares. Mizuho reissued a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. The Goldman Sachs Group increased their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Raymond James initiated coverage on shares of Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective for the company. Bank of America increased their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, Wolfe Research restated an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.06.

Insider Transactions at Eaton

In related news, insider Peter Denk sold 2,416 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.

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.