Corebridge Financial Inc. Increases Stock Position in Eaton Co. plc (NYSE:ETN)

Corebridge Financial Inc. boosted its position in Eaton Co. plc (NYSE:ETN - Free Report) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 110,662 shares of the industrial products company's stock after purchasing an additional 4,184 shares during the quarter. Corebridge Financial Inc.'s holdings in Eaton were worth $36,725,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ETN. Wetzel Investment Advisors Inc. raised its stake in shares of Eaton by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company's stock worth $1,029,000 after acquiring an additional 28 shares in the last quarter. Westmount Partners LLC increased its position in shares of Eaton by 3.1% during the fourth quarter. Westmount Partners LLC now owns 985 shares of the industrial products company's stock worth $327,000 after purchasing an additional 30 shares in the last quarter. Signal Advisors Wealth LLC lifted its holdings in shares of Eaton by 3.5% during the 4th quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company's stock valued at $297,000 after purchasing an additional 30 shares during the last quarter. Lantz Financial LLC boosted its position in shares of Eaton by 4.8% in the 4th quarter. Lantz Financial LLC now owns 659 shares of the industrial products company's stock worth $219,000 after purchasing an additional 30 shares in the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its stake in Eaton by 2.0% during the 4th quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 1,639 shares of the industrial products company's stock worth $544,000 after buying an additional 32 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

ETN has been the subject of several recent analyst reports. Melius downgraded Eaton from a "buy" rating to a "hold" rating and set a $373.00 price target for the company. in a report on Tuesday, January 28th. KeyCorp upgraded shares of Eaton from a "sector weight" rating to an "overweight" rating and set a $340.00 target price for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. cut their price target on shares of Eaton from $350.00 to $348.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 15th. Royal Bank of Canada lowered their price objective on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating for the company in a research note on Thursday, March 6th. Finally, Citigroup cut their target price on Eaton from $440.00 to $410.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $357.16.

Eaton Trading Down 2.4 %

Shares of NYSE ETN traded down $6.86 during trading on Friday, hitting $274.05. 3,254,157 shares of the company were exchanged, compared to its average volume of 2,537,860. The company has a fifty day moving average price of $305.90 and a 200-day moving average price of $331.12. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market capitalization of $107.37 billion, a PE ratio of 28.85, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 12-month low of $255.65 and a 12-month high of $379.99.

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, topping 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 quarter in the prior year, the firm earned $2.55 EPS. As a group, equities research analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.04 per share. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 annualized dividend and a yield of 1.52%. Eaton's dividend payout ratio (DPR) 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.