Park National Corp OH Buys 82 Shares of Eaton Co. plc (NYSE:ETN)

Park National Corp OH lifted its stake in Eaton Co. plc (NYSE:ETN) by 2.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,869 shares of the industrial products company’s stock after acquiring an additional 82 shares during the quarter. Park National Corp OH’s holdings in Eaton were worth $897,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ETN. Ritholtz Wealth Management lifted its holdings in shares of Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after buying an additional 277 shares during the period. Pinnbrook Capital Management LP purchased a new position in Eaton in the fourth quarter worth about $15,109,000. Congress Wealth Management LLC DE increased its position in shares of Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the last quarter. Pacer Advisors Inc. raised its position in Eaton by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after acquiring an additional 7,964 shares during the period. Finally, Weiss Asset Management LP purchased a new position in shares of Eaton during the 4th quarter worth $1,001,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ETN. Bank of America raised their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Mizuho reiterated a “buy” rating and issued a $355.00 price target (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Evercore ISI boosted their price objective on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, Argus lifted their target price on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Eaton Price Performance

Eaton stock opened at $327.49 on Wednesday. The firm has a market capitalization of $130.93 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 2.72 and a beta of 1.04. Eaton Co. plc has a 12-month low of $189.26 and a 12-month high of $345.19. The firm has a 50-day moving average price of $324.25 and a 200-day moving average price of $288.12. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm posted $1.88 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.15%. Eaton’s dividend payout ratio (DPR) is 44.39%.

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.