Bridges Investment Management Inc. Sells 1,716 Shares of Eaton Co. plc (NYSE:ETN)

Bridges Investment Management Inc. lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 5.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 28,454 shares of the industrial products company’s stock after selling 1,716 shares during the quarter. Bridges Investment Management Inc.’s holdings in Eaton were worth $9,443,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the fourth quarter worth $30,000. Horizon Bancorp Inc. IN grew its holdings in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 74 shares during the period. Morse Asset Management Inc bought a new position in shares of Eaton in the 3rd quarter worth about $33,000. Activest Wealth Management lifted its stake in shares of Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares during the period. Finally, Hager Investment Management Services LLC bought a new stake in shares of Eaton during the 4th quarter valued at about $38,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 1.0 %

ETN opened at $293.21 on Friday. The firm has a market capitalization of $115.88 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The company has a fifty day moving average price of $326.90 and a 200-day moving average price of $332.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

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

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.42%. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is 43.79%.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. This trade represents a 18.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ETN shares. Barclays lifted their target price on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Melius Research reiterated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Bank of America lifted their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Jefferies Financial Group raised 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $366.05.

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.