Avidian Wealth Solutions LLC Acquires 321 Shares of Eaton Co. plc (NYSE:ETN)

Avidian Wealth Solutions LLC grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 7.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,579 shares of the industrial products company’s stock after purchasing an additional 321 shares during the period. Avidian Wealth Solutions LLC’s holdings in Eaton were worth $1,103,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton in the fourth quarter valued at approximately $25,000. Valued Wealth Advisors LLC purchased a new stake in shares of Eaton during the 4th quarter valued at $35,000. Chilton Capital Management LLC bought a new stake in shares of Eaton during the 4th quarter worth $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Eaton in the 3rd quarter worth about $39,000. Finally, Fortitude Family Office LLC bought a new position in Eaton during the fourth quarter valued at about $46,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research analyst reports. Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Evercore ISI lifted their price objective on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Argus increased their target price on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Mizuho reiterated a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $314.27.

Eaton Price Performance

Eaton stock traded up $6.15 during midday trading on Friday, hitting $320.50. 1,769,790 shares of the company’s stock were exchanged, compared to its average volume of 2,741,837. The stock has a 50-day moving average price of $308.68 and a two-hundred day moving average price of $262.71. Eaton Co. plc has a 52-week low of $165.24 and a 52-week high of $333.05. The company has a market cap of $128.14 billion, a P/E ratio of 37.84, a PEG ratio of 2.54 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the prior year, the business earned $1.88 earnings per share. Eaton’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Co. plc will post 10.45 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Insider Transactions at Eaton

In other news, insider Olivier Leonetti sold 4,461 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at approximately $171,360. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now directly owns 630 shares of the company’s stock, valued at approximately $171,360. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the transaction, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. In the last three months, insiders sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is currently owned by corporate insiders.

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.