Granite Investment Partners LLC Sells 1,236 Shares of Eaton Co. plc (NYSE:ETN)

Granite Investment Partners LLC reduced its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 102,383 shares of the industrial products company's stock after selling 1,236 shares during the quarter. Eaton comprises 1.5% of Granite Investment Partners LLC's holdings, making the stock its 12th largest holding. Granite Investment Partners LLC's holdings in Eaton were worth $33,978,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC acquired a new position in shares of Eaton during the 4th quarter valued at $27,000. Noble Wealth Management PBC acquired a new position in Eaton during the 4th quarter worth approximately $30,000. Horizon Bancorp Inc. IN increased its holdings in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 74 shares in the last quarter. Morse Asset Management Inc bought a new position in shares of Eaton in the 3rd quarter worth $33,000. Finally, Murphy & Mullick Capital Management Corp acquired a new position in Eaton during the fourth quarter worth $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of NYSE:ETN traded down $1.01 during midday trading on Friday, reaching $268.15. 2,539,573 shares of the company traded hands, compared to its average volume of 2,629,939. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $105.05 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99. The firm's fifty day moving average price is $285.92 and its two-hundred day moving average price is $325.65.

Eaton (NYSE:ETN - Get Free Report) last posted its 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 in the previous year, the firm posted $2.55 EPS. On average, equities analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 dividend yield of 1.55%. This is a boost from Eaton's previous quarterly dividend of $0.94. Eaton's dividend payout ratio (DPR) is presently 43.79%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ETN. Wells Fargo & Company lowered their target price on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Citigroup dropped their target price on Eaton from $396.00 to $323.00 and set a "buy" rating on the stock in a report on Monday. KeyCorp lowered their price target on Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada reduced their target price 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, StockNews.com raised shares of Eaton from a "hold" rating to a "buy" rating in a research report on Monday. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $350.22.

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.