Sandy Spring Bank Purchases 1,536 Shares of Eaton Co. plc (NYSE:ETN)

Sandy Spring Bank increased its position in shares of Eaton Co. plc (NYSE:ETN) by 4.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,835 shares of the industrial products company’s stock after acquiring an additional 1,536 shares during the period. Sandy Spring Bank’s holdings in Eaton were worth $12,556,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETN. Flagship Wealth Advisors LLC bought a new stake in Eaton during the 4th quarter worth $27,000. Noble Wealth Management PBC acquired a new position in Eaton during the 4th quarter worth about $30,000. Groupama Asset Managment lifted its holdings in Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after buying an additional 4,298 shares during the period. Horizon Bancorp Inc. IN lifted 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 buying an additional 74 shares during the period. Finally, Morse Asset Management Inc acquired a new position in Eaton during the 3rd quarter worth about $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $294.52 on Thursday. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The firm has a market capitalization of $115.45 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.64 and a beta of 1.09. The business has a 50-day simple moving average of $313.21 and a 200 day simple moving average of $331.40. 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 issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates 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 period last year, the business posted $2.55 earnings per share. On average, research analysts anticipate 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. Shareholders of record on Monday, March 10th will be issued a dividend of $1.04 per share. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Monday, March 10th. Eaton’s payout ratio is currently 43.79%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Barclays cut their target price on Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. Melius Research reaffirmed a “hold” rating and set a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price on the stock in a report on Wednesday, March 12th. Jefferies Financial Group dropped their price objective 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, Wells Fargo & Company dropped their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.68.

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.