Cinctive Capital Management LP Lowers Position in Eaton Co. plc (NYSE:ETN)

Cinctive Capital Management LP cut its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 93.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 618 shares of the industrial products company's stock after selling 8,349 shares during the quarter. Cinctive Capital Management LP's holdings in Eaton were worth $205,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ETN. Vanguard Group Inc. boosted its stake in Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after purchasing an additional 99,291 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after buying an additional 129,071 shares in the last quarter. Norges Bank bought a new stake in shares of Eaton in the fourth quarter valued at about $1,495,582,000. Franklin Resources Inc. grew its stake in shares of Eaton by 13.3% in the fourth quarter. Franklin Resources Inc. now owns 2,744,691 shares of the industrial products company's stock valued at $910,881,000 after acquiring an additional 323,065 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Eaton by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,255,566 shares of the industrial products company's stock worth $748,555,000 after acquiring an additional 37,138 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ETN shares. Barclays dropped their price target 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. Melius Research reiterated a "hold" rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. JPMorgan Chase & Co. decreased their price target on Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a research report on Tuesday. Evercore ISI cut their price objective on shares of Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company reduced their price objective on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $352.79.

Eaton Trading Down 1.3 %

ETN stock traded down $3.30 during trading on Tuesday, reaching $249.15. The company had a trading volume of 3,127,187 shares, compared to its average volume of 2,585,217. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The business has a 50 day moving average of $295.28 and a 200 day moving average of $329.70. The company has a market cap of $97.61 billion, a P/E ratio of 26.28, a PEG ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results 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 net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the business posted $2.55 earnings per share. As a group, sell-side analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were issued a $1.04 dividend. The ex-dividend date was Monday, March 10th. This represents a $4.16 annualized dividend and a yield of 1.67%. This is a boost from Eaton's previous quarterly dividend of $0.94. Eaton's dividend payout ratio (DPR) is currently 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.