Tower View Wealth Management LLC Takes $2.70 Million Position in Eaton Corporation, PLC $ETN

Key Points

• Tower View Wealth Management LLC purchased a new stake of 8,460 shares of Eaton (NYSE:ETN) valued at approximately $2.70 million in Q4, according to its Form 13F filing.
• Eaton reported quarterly EPS of $3.23 on $7.06 billion in revenue and recently raised its quarterly dividend to $1.10 (annualized $4.40, ~1.1% yield; DPR 42.07%).
• Analysts have a consensus rating of "Moderate Buy" with an average target of $396.50; institutional investors own about 82.97% of the stock and Eaton's market cap is roughly $156.3 billion (P/E ~38.5).

Tower View Wealth Management LLC purchased a new stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,460 shares of the industrial products company's stock, valued at approximately $2,695,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ETN. SG Americas Securities LLC grew its holdings in shares of Eaton by 438.9% in the 4th quarter. SG Americas Securities LLC now owns 364,877 shares of the industrial products company's stock valued at $116,217,000 after buying an additional 297,166 shares during the period. Fayez Sarofim & Co boosted its stake in Eaton by 3.4% in the 3rd quarter. Fayez Sarofim & Co now owns 1,256,177 shares of the industrial products company's stock worth $474,444,000 after purchasing an additional 40,792 shares during the period. Norris Perne & French LLP MI acquired a new position in Eaton in the 4th quarter worth $7,893,000. Bartlett & CO. Wealth Management LLC boosted its stake in Eaton by 9.2% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 238,030 shares of the industrial products company's stock worth $75,815,000 after purchasing an additional 19,958 shares during the period. Finally, Williams Jones Wealth Management LLC. boosted its stake in Eaton by 3.3% in the 3rd quarter. Williams Jones Wealth Management LLC. now owns 515,587 shares of the industrial products company's stock worth $192,958,000 after purchasing an additional 16,422 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Trading Down 0.0%

Eaton stock opened at $402.80 on Tuesday. The firm has a 50-day moving average of $369.27 and a 200-day moving average of $356.55. Eaton Corporation, PLC has a one year low of $255.10 and a one year high of $408.45. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.32 and a quick ratio of 0.81. The company has a market cap of $156.28 billion, a price-to-earnings ratio of 38.51, a P/E/G ratio of 2.77 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The industrial products company reported $3.23 EPS for the quarter. Eaton had a net margin of 14.89% and a return on equity of 25.00%. The company had revenue of $7.06 billion during the quarter. On average, equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Tuesday, March 10th were paid a dividend of $1.10 per share. The ex-dividend date was Tuesday, March 10th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change from Eaton's previous quarterly dividend of $1.04. Eaton's dividend payout ratio (DPR) is currently 42.07%.

Analyst Ratings Changes

A number of brokerages recently weighed in on ETN. Wells Fargo & Company reduced their target price on shares of Eaton from $370.00 to $350.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. HSBC raised shares of Eaton from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Friday, January 16th. Citigroup upped their target price on shares of Eaton from $435.00 to $464.00 and gave the stock a "buy" rating in a research note on Monday. UBS Group reaffirmed a "neutral" rating and issued a $360.00 target price (down from $440.00) on shares of Eaton in a research note on Sunday, January 4th. Finally, Barclays reduced their target price on shares of Eaton from $354.00 to $340.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $396.50.

Insider Activity at Eaton

In other news, insider Sternadt Paulo Ruiz sold 10,707 shares of the stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $390.26, for a total transaction of $4,178,513.82. Following the completion of the transaction, the insider directly owned 27,729 shares in the company, valued at $10,821,519.54. This represents a 27.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.10% of the stock is currently owned by corporate insiders.

About Eaton

Eaton NYSE: ETN is a diversified power management company that designs, manufactures and distributes products and systems to manage electrical, hydraulic and mechanical power. The company's offerings are used to improve energy efficiency, reliability and safety across a wide range of applications, with core capabilities in electrical distribution and control, industrial hydraulics and aerospace systems.

Its product portfolio includes switchgear, circuit breakers, transformers, power distribution units, uninterruptible power supplies and surge protection devices for electrical infrastructure, along with hydraulic pumps, valves and filtration systems for industrial and mobile equipment.

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