Fiduciary Financial Group LLC Acquires New Position in Eaton Co. plc (NYSE:ETN)

Fiduciary Financial Group LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN) during the 2nd quarter, Holdings Channel.com reports. The fund bought 1,819 shares of the industrial products company’s stock, valued at approximately $605,000.

Other large investors have also modified their holdings of the company. Verdence Capital Advisors LLC grew its stake in shares of Eaton by 1.7% during the first quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock valued at $644,000 after acquiring an additional 34 shares in the last quarter. Fragasso Group Inc. grew its stake in Eaton by 3.6% during the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock valued at $323,000 after purchasing an additional 36 shares in the last quarter. Valley National Advisers Inc. raised its position in shares of Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock valued at $213,000 after purchasing an additional 36 shares in the last quarter. Wendell David Associates Inc. boosted its stake in shares of Eaton by 4.0% during the 1st quarter. Wendell David Associates Inc. now owns 936 shares of the industrial products company’s stock valued at $293,000 after buying an additional 36 shares during the last quarter. Finally, FinTrust Capital Advisors LLC grew its position in shares of Eaton by 2.6% during the fourth quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after buying an additional 37 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of NYSE:ETN traded down $5.78 during trading hours on Friday, hitting $296.68. The stock had a trading volume of 2,740,135 shares, compared to its average volume of 2,188,878. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. The stock’s fifty day simple moving average is $310.57 and its 200 day simple moving average is $307.87. The firm has a market capitalization of $118.61 billion, a price-to-earnings ratio of 35.12, a PEG ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ETN shares. Argus raised their price objective on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. HSBC boosted their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Raymond James started coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target for the company. Jefferies Financial Group raised their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Royal Bank of Canada dropped their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $326.53.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% 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.