Arrowstreet Capital Limited Partnership Lowers Stock Holdings in Eaton Co. plc (NYSE:ETN)

Arrowstreet Capital Limited Partnership cut its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 99.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,269 shares of the industrial products company's stock after selling 249,845 shares during the period. Arrowstreet Capital Limited Partnership's holdings in Eaton were worth $753,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Flagship Wealth Advisors LLC acquired a new position in shares of Eaton in the fourth quarter worth $27,000. Noble Wealth Management PBC acquired a new position in Eaton during the 4th quarter worth $30,000. Horizon Bancorp Inc. IN raised 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 purchasing an additional 74 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of Eaton during the third quarter worth about $33,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in Eaton in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ETN shares. StockNews.com upgraded shares of Eaton from a "hold" rating to a "buy" rating in a report on Monday. Wells Fargo & Company decreased their price target on Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group decreased their target price on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Citigroup reduced their price objective on shares of Eaton from $396.00 to $323.00 and set a "buy" rating for the company in a research report on Monday. Finally, Evercore ISI reduced their price target 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. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $350.22.

Eaton Price Performance

Shares of NYSE:ETN traded down $0.12 during trading on Thursday, hitting $269.04. 720,549 shares of the stock were exchanged, compared to its average volume of 2,621,628. The company has a market cap of $105.40 billion, a PE ratio of 28.38, a P/E/G ratio of 2.64 and a beta of 1.09. 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 company has a fifty day moving average price of $286.96 and a two-hundred day moving average price of $326.08. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts' consensus estimates 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 period in the previous year, the company earned $2.55 earnings per share. On average, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Monday, March 10th. This is a boost from Eaton's previous quarterly dividend of $0.94. Eaton's dividend payout ratio is 43.79%.

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.