Jennison Associates LLC Has $1.46 Billion Stock Holdings in Eaton Co. plc (NYSE:ETN)

Jennison Associates LLC lowered its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 6.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,390,749 shares of the industrial products company's stock after selling 309,195 shares during the period. Eaton comprises about 0.9% of Jennison Associates LLC's investment portfolio, making the stock its 26th biggest holding. Jennison Associates LLC owned approximately 1.11% of Eaton worth $1,455,270,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Legal & General Group Plc grew its holdings in shares of Eaton by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company's stock worth $1,005,317,000 after acquiring an additional 18,077 shares during the period. Capital World Investors increased its stake in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company's stock worth $998,255,000 after acquiring an additional 2,439,270 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Eaton by 2.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company's stock worth $471,370,000 after acquiring an additional 40,078 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Eaton by 15.5% in the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company's stock worth $412,108,000 after purchasing an additional 176,571 shares during the period. Finally, International Assets Investment Management LLC increased its position in Eaton by 27,075.5% during the 3rd 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 buying an additional 1,070,024 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Down 1.1 %

Eaton stock traded down $4.13 during midday trading on Wednesday, hitting $359.56. 735,442 shares of the stock were exchanged, compared to its average volume of 2,103,333. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm has a market cap of $142.10 billion, a P/E ratio of 38.44, a P/E/G ratio of 2.85 and a beta of 1.01. The company has a 50 day moving average price of $338.69 and a two-hundred day moving average price of $322.04.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the prior year, the firm posted $2.47 EPS. The firm's revenue was up 7.9% compared to the same quarter last year. On average, sell-side analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.05%. Eaton's payout ratio is 40.00%.

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ETN shares. Sanford C. Bernstein started coverage on Eaton in a research note on Tuesday, November 5th. They issued an "outperform" rating and a $382.00 target price on the stock. Bank of America lifted their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an "overweight" rating and a $370.00 target price on the stock. Evercore ISI lowered shares of Eaton from an "outperform" rating to an "inline" rating and lifted their price objective for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $357.83.

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.