Adage Capital Partners GP L.L.C. Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

Adage Capital Partners GP L.L.C. grew its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 1.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 454,498 shares of the industrial products company's stock after acquiring an additional 5,744 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.12% of Eaton worth $150,834,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Flagship Wealth Advisors LLC bought a new position in shares of Eaton in the fourth quarter worth approximately $27,000. Noble Wealth Management PBC purchased a new position in Eaton in the 4th quarter worth approximately $30,000. Horizon Bancorp Inc. IN lifted its position in Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 74 shares in the last quarter. Morse Asset Management Inc purchased a new stake in Eaton during the 3rd quarter valued at $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new stake in shares of Eaton in the 4th quarter worth $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 3.0 %

ETN stock opened at $267.14 on Wednesday. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The business's 50-day moving average is $283.13 and its 200 day moving average is $324.29. 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 stock has a market cap of $104.66 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating 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 business earned $2.55 earnings per share. On average, sell-side analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.56%. Eaton's dividend payout ratio (DPR) is presently 43.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ETN shares. Wells Fargo & Company dropped their price objective on Eaton from $335.00 to $305.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. Melius downgraded shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. Melius Research reissued a "hold" rating and set a $373.00 price objective on shares of Eaton in a report on Tuesday, January 28th. Barclays dropped their target price on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating on the stock in a report on Friday, April 4th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Eaton from $350.00 to $289.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $350.22.

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.

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