Geode Capital Management LLC Has $2.67 Billion Stock Position in Eaton Co. plc (NYSE:ETN)

Geode Capital Management LLC boosted its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,069,341 shares of the industrial products company's stock after purchasing an additional 56,516 shares during the period. Geode Capital Management LLC owned 2.04% of Eaton worth $2,665,342,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company's stock valued at $753,590,000 after acquiring an additional 1,629,856 shares in the last quarter. International Assets Investment Management LLC grew its stake in Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company's stock valued at $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Swedbank AB acquired a new position in Eaton in the 2nd quarter worth about $225,974,000. Assenagon Asset Management S.A. raised its stake in shares of Eaton by 1,604.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company's stock worth $211,201,000 after purchasing an additional 634,059 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company's stock valued at $801,798,000 after buying an additional 597,700 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock worth $24,100,317 over the last three months. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ETN. Wolfe Research raised shares of Eaton from an "underperform" rating to a "peer perform" rating in a research note on Friday, September 6th. Raymond James decreased their price target on Eaton from $375.00 to $365.00 and set an "outperform" rating for the company in a research note on Monday, September 9th. Jefferies Financial Group boosted their target price on Eaton from $400.00 to $440.00 and gave the stock a "buy" rating in a report on Friday. UBS Group started coverage on Eaton in a report on Wednesday, November 13th. They set a "buy" rating and a $431.00 price target on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Eaton has a consensus rating of "Moderate Buy" and a consensus price target of $367.83.

Eaton Stock Performance

ETN traded down $5.57 during trading on Tuesday, reaching $358.49. 1,860,591 shares of the company's stock were exchanged, compared to its average volume of 2,088,220. Eaton Co. plc has a fifty-two week low of $231.84 and a fifty-two week high of $379.99. The company has a market capitalization of $141.68 billion, a P/E ratio of 38.14, a PEG ratio of 2.81 and a beta of 1.03. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average price of $353.40 and a 200 day moving average price of $325.99.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analysts' expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 earnings per share. As a group, analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Monday, November 4th. Eaton's dividend payout ratio (DPR) is 40.00%.

Eaton 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.