Bornite Capital Management LP Has $16.59 Million Position in Eaton Co. plc (NYSE:ETN)

Bornite Capital Management LP cut its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 52.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,000 shares of the industrial products company's stock after selling 55,500 shares during the period. Eaton accounts for about 2.2% of Bornite Capital Management LP's holdings, making the stock its 23rd biggest position. Bornite Capital Management LP's holdings in Eaton were worth $16,594,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton during the 4th quarter worth $30,000. Groupama Asset Managment grew its stake in shares of Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company's stock worth $31,000 after purchasing an additional 4,298 shares during the period. Horizon Bancorp Inc. IN increased its holdings in shares of 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 purchasing an additional 74 shares in the last quarter. Finally, Morse Asset Management Inc acquired a new stake in shares of Eaton in the third quarter valued at about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. Wells Fargo & Company lowered their target price on Eaton from $335.00 to $305.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Citigroup lowered their price objective on Eaton from $440.00 to $410.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Jefferies Financial Group lowered their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Melius Research restated a "hold" rating and issued a $373.00 price objective on shares of Eaton in a report on Tuesday, January 28th. Finally, Barclays dropped their target price on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Eaton currently has an average rating of "Moderate Buy" and an average price target of $352.79.

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Eaton Stock Down 1.4 %

NYSE ETN traded down $3.65 on Tuesday, hitting $248.80. 3,290,823 shares of the stock traded hands, compared to its average volume of 2,586,445. 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 50-day moving average of $295.28 and a 200 day moving average of $329.70. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a market capitalization of $97.47 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN - Get Free Report) 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 the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the previous year, the firm earned $2.55 EPS. As a group, analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Monday, March 10th. This is a positive change from Eaton's previous quarterly dividend of $0.94. Eaton's payout ratio is 43.79%.

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.