Accel Wealth Management Buys 499 Shares of Eaton Co. plc (NYSE:ETN)

Accel Wealth Management lifted its stake in Eaton Co. plc (NYSE:ETN) by 57.7% during the first quarter, Holdings Channel reports. The fund owned 1,364 shares of the industrial products company’s stock after acquiring an additional 499 shares during the quarter. Accel Wealth Management’s holdings in Eaton were worth $426,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ETN. Tennessee Valley Asset Management Partners acquired a new stake in Eaton in the 4th quarter valued at approximately $25,000. Atwood & Palmer Inc. grew its holdings in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares during the last quarter. Clear Investment Research LLC acquired a new stake in Eaton in the 4th quarter valued at approximately $29,000. Redmont Wealth Advisors LLC acquired a new stake in Eaton in the 1st quarter valued at approximately $33,000. Finally, Valued Wealth Advisors LLC acquired a new stake in shares of Eaton during the 4th quarter worth approximately $35,000. 82.97% of the stock is owned by institutional investors.

Eaton Trading Up 1.6 %

NYSE ETN opened at $318.42 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a market cap of $127.30 billion, a price-to-earnings ratio of 37.59, a price-to-earnings-growth ratio of 2.68 and a beta of 1.02. The business’s fifty day moving average is $325.46 and its 200 day moving average is $294.51.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. Eaton’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $1.88 EPS. As a group, sell-side analysts expect that Eaton Co. plc will post 10.55 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analysts Forecast Growth

ETN has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. HSBC boosted their price target on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. Raymond James initiated coverage on Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target on the stock. Finally, Mizuho reaffirmed 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $318.06.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

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.