SouthState Corp Has $617,000 Stock Position in Eaton Co. plc (NYSE:ETN)

SouthState Corp decreased its holdings in Eaton Co. plc (NYSE:ETN) by 3.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,564 shares of the industrial products company’s stock after selling 87 shares during the period. SouthState Corp’s holdings in Eaton were worth $617,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton in the fourth quarter valued at approximately $25,000. Valued Wealth Advisors LLC bought a new position in Eaton in the 4th quarter valued at $35,000. Chilton Capital Management LLC acquired a new position in Eaton in the fourth quarter valued at approximately $35,000. Authentikos Wealth Advisory LLC acquired a new stake in Eaton during the 3rd quarter worth $39,000. Finally, Legacy Financial Group LLC bought a new stake in shares of Eaton during the 3rd quarter valued at $43,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Argus upped their price objective on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday. Mizuho reiterated a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a research report on Wednesday. Evercore ISI upped their target price on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $286.00 to $371.00 in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $314.27.

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Eaton news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock worth $10,904,774 over the last three months. Company insiders own 0.53% of the company’s stock.

Eaton Price Performance

ETN traded up $6.15 during trading on Friday, reaching $320.50. 1,764,701 shares of the company traded hands, compared to its average volume of 2,036,619. Eaton Co. plc has a 12-month low of $165.24 and a 12-month high of $333.05. The firm has a fifty day simple moving average of $307.97 and a 200 day simple moving average of $261.18. The company has a market cap of $128.14 billion, a P/E ratio of 37.84, a PEG ratio of 2.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (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 during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the business earned $1.88 earnings per share. Eaton’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities analysts forecast that Eaton Co. plc will post 10.42 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.17%. Eaton’s payout ratio is currently 44.39%.

About Eaton

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.