Fmr LLC Has $4.98 Billion Stock Holdings in Eaton Co. plc (NYSE:ETN)

FMR LLC lessened its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 25.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,039,793 shares of the industrial products company's stock after selling 5,032,549 shares during the quarter. FMR LLC owned about 3.81% of Eaton worth $4,984,789,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IAM Advisory LLC acquired a new position in shares of Eaton during the second quarter worth $599,000. Interval Partners LP grew its stake in shares of Eaton by 82.7% during the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company's stock worth $47,571,000 after purchasing an additional 68,693 shares in the last quarter. Scientech Research LLC grew its stake in shares of Eaton by 285.5% during the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company's stock worth $1,801,000 after purchasing an additional 4,254 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Eaton by 25.9% in the second quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company's stock valued at $8,657,000 after acquiring an additional 5,676 shares in the last quarter. Finally, Leavell Investment Management Inc. boosted its stake in Eaton by 67.6% in the second quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company's stock valued at $2,683,000 after acquiring an additional 3,452 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Buying and Selling

In other news, insider Craig Arnold sold 61,569 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company's stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Yelton sold 3,136 shares of the firm's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ETN. Royal Bank of Canada restated an "outperform" rating and issued a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Morgan Stanley initiated coverage on shares of Eaton in a report on Friday, September 6th. They issued an "overweight" rating and a $370.00 target price for the company. Wells Fargo & Company upped their target price on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Bank of America increased their price target on shares of Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, Evercore ISI cut shares of Eaton from an "outperform" rating to an "inline" rating and increased their price target for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $357.83.

Eaton Price Performance

Shares of ETN stock traded up $0.55 during trading hours on Tuesday, hitting $377.23. The company's stock had a trading volume of 2,016,411 shares, compared to its average volume of 2,107,458. The business has a fifty day moving average of $344.15 and a 200-day moving average of $323.22. The stock has a market cap of $149.08 billion, a price-to-earnings ratio of 40.29, a P/E/G ratio of 2.99 and a beta of 1.01. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. Eaton's dividend payout ratio (DPR) is currently 40.00%.

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.