Parr Mcknight Wealth Management Group LLC Acquires New Position in Eaton Co. plc (NYSE:ETN)

Parr Mcknight Wealth Management Group LLC bought a new position in Eaton Co. plc (NYSE:ETN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,488 shares of the industrial products company's stock, valued at approximately $2,817,000.

A number of other large investors have also added to or reduced their stakes in ETN. Vanguard Group Inc. boosted its holdings in shares of Eaton by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock worth $12,351,506,000 after buying an additional 99,291 shares during the last quarter. FMR LLC increased its holdings in Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after buying an additional 182,455 shares during the last quarter. Geode Capital Management LLC raised its position in Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after acquiring an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after acquiring an additional 368,241 shares during the period. Institutional investors own 82.97% of the company's stock.

Eaton Price Performance

NYSE:ETN traded up $7.04 during trading hours on Tuesday, reaching $328.10. The stock had a trading volume of 1,568,662 shares, compared to its average volume of 2,662,044. The stock has a market capitalization of $128.39 billion, a PE ratio of 34.54, a PEG ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a 50 day moving average price of $291.21 and a two-hundred day moving average price of $318.44. 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 - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the business earned $2.40 earnings per share. Eaton's quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.27%. Eaton's payout ratio is currently 41.98%.

Insider Buying and Selling at Eaton

In related news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock worth $49,622,894 over the last ninety days. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on ETN shares. Barclays lowered their target price on Eaton from $315.00 to $306.00 and set an "equal weight" rating on the stock in a research report on Friday, April 4th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. Morgan Stanley cut their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Finally, Jefferies Financial Group lowered their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $367.83.

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.