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

Parr Mcknight Wealth Management Group LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,488 shares of the industrial products company's stock, valued at approximately $2,817,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton during the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC bought a new stake in Eaton during the 4th quarter valued at $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton during the 4th quarter valued at $33,000. Activest Wealth Management grew its holdings 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 acquiring an additional 87 shares during the last quarter. Finally, Knuff & Co LLC bought a new stake in Eaton in the 4th quarter worth $37,000. 82.97% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider now owns 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% 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 valued at $49,622,894 over the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ETN. Melius lowered shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 target price for the company. in a report on Tuesday, January 28th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $355.00 price target on shares of Eaton in a research report on Monday, May 5th. BNP Paribas began coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Jefferies Financial Group reduced their target price on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Finally, Evercore ISI raised their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $367.83.

Eaton Stock Down 0.3%

NYSE ETN traded down $0.97 during trading hours on Wednesday, reaching $327.20. 706,134 shares of the company's stock traded hands, compared to its average volume of 2,654,414. Eaton Co. plc has a 52-week low of $231.85 and a 52-week 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. The firm has a 50-day simple moving average of $291.87 and a 200 day simple moving average of $318.50. The firm has a market cap of $128.03 billion, a PE ratio of 34.44, a PEG ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN - Get Free Report) last announced 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. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. Eaton's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 EPS. Sell-side analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is 41.98%.

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.