Prosperity Financial Group Inc. Buys 523 Shares of Eaton Co. plc (NYSE:ETN)

Prosperity Financial Group Inc. grew its stake in shares of Eaton Co. plc (NYSE:ETN) by 15.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,833 shares of the industrial products company’s stock after purchasing an additional 523 shares during the period. Prosperity Financial Group Inc.’s holdings in Eaton were worth $1,272,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Noble Wealth Management PBC bought a new stake in Eaton during the fourth quarter worth about $30,000. Groupama Asset Managment boosted its stake in Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN boosted its stake in Eaton by 321.7% during the fourth 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 in the last quarter. Morse Asset Management Inc bought a new stake in Eaton during the third quarter worth about $33,000. Finally, Activest Wealth Management boosted its stake in Eaton by 621.4% during the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 87 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 1.9 %

Shares of ETN stock opened at $282.89 on Wednesday. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The stock has a market cap of $110.89 billion, a P/E ratio of 29.78, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The company has a 50 day simple moving average of $319.04 and a two-hundred day simple moving average of $331.92.

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

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.47%. Eaton’s dividend payout ratio is 43.79%.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the transaction, the director now owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on ETN shares. Royal Bank of Canada dropped their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Melius Research reiterated a “hold” rating and issued a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. JPMorgan Chase & Co. dropped their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Jefferies Financial Group upped their target price on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a research note on Tuesday, January 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $362.58.

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.