Modera Wealth Management LLC has significantly expanded its investment in Eaton Corporation (ETN), a notable move indicating strong confidence in the industrial products company.
According to its latest Form 13F filing with the Securities & Exchange Commission, Modera increased its stake by 29.6% in the first quarter, acquiring an additional 803 shares, bringing their total holdings to 3,514 shares. As of their most recent SEC filing, Modera Wealth Management LLC’s investment in Eaton was valued at an impressive $955,000.
This increased institutional investment is not isolated, as several other hedge funds have also adjusted their positions in ETN stock. Notably, IMA Advisory Services Inc. and Capital A Wealth Management LLC acquired new positions in the first and fourth quarters respectively, while Creative Financial Designs Inc. ADV and Abound Wealth Management substantially increased their corporate holdings of Eaton shares.
The broader stock market reflects significant institutional interest, with 82.97% of Eaton’s stock held by hedge funds and other institutional investors. Shares of Eaton Corporation PLC recently opened at $384.46 on Friday, demonstrating the company’s robust presence.
From a financial standpoint, Eaton has shown considerable volatility and strength, with a 1-year low of $231.85 and a 1-year high of $399.56. The firm boasts a substantial market capitalization of $150.44 billion, alongside a PE ratio of 38.80, a PEG ratio of 2.94, and a beta of 1.17. Key financial indicators include a current ratio of 1.31, a quick ratio of 0.84, and a debt-to-equity ratio of 0.41, further highlighting the company’s stability and operational efficiency.
In a move beneficial to investors, the business recently declared a quarterly dividend of $1.04 per share, payable on Friday, August 22nd, to investors of record on Thursday, August 7th. This translates to a $4.16 annualized dividend and a dividend yield of 1.1%, with Eaton’s payout ratio standing at 41.98%.
Insider trading activity has also been observed, with significant sales by corporate insiders in recent months. One insider sold 103,486 shares for over $33.4 million, while another sold 2,120 shares for approximately $629,000, underscoring the dynamic nature of Eaton Corporation’s internal stock movements.
Market analysis from various brokerages further solidifies the positive sentiment around Eaton. Major firms like BNP Paribas Exane, JPMorgan Chase & Co., and Citigroup have initiated or updated coverage with “outperform” or “buy” ratings and increased target prices, contributing to an average rating of “Moderate Buy” and an average target price of $377.89 based on MarketBeat.com data.
Eaton Corporation plc operates as a global power management company, providing diverse electrical and industrial components. Its segments, Electrical Americas and Electrical Global, offer an extensive range of products, from power distribution and quality systems to hazardous duty electrical equipment, showcasing its critical role in various industrial applications worldwide.
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