Miller Financial Services LLC Takes $1.72 Million Position in Eaton Co. plc (NYSE:ETN)

Miller Financial Services LLC acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,170 shares of the industrial products company’s stock, valued at approximately $1,716,000. Eaton comprises approximately 1.4% of Miller Financial Services LLC’s portfolio, making the stock its 15th biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Noble Wealth Management PBC acquired a new stake in Eaton in the fourth quarter valued at approximately $30,000. Groupama Asset Managment grew its position in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN grew its position in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 74 shares in the last quarter. Morse Asset Management Inc acquired a new stake in Eaton in the third quarter valued at approximately $33,000. Finally, Activest Wealth Management grew its position in Eaton by 621.4% in the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 87 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

NYSE:ETN opened at $277.16 on Tuesday. The firm has a market cap of $108.65 billion, a PE ratio of 29.17, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $320.02 and its two-hundred day moving average price is $332.04.

Eaton (NYSE:ETN) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the business earned $2.55 EPS. On average, equities analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a $1.04 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.50%. The ex-dividend date is Monday, March 10th. Eaton’s dividend payout ratio is currently 43.79%.

Insider Activity at Eaton

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ETN has been the subject of several research analyst reports. Wells Fargo & Company reduced their target price on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group increased their target price on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Citigroup reduced their target price on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Bank of America increased their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. reduced their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $362.58.

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.