141,189 Shares in Eaton Co. plc (NYSE:ETN) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Eaton Co. plc (NYSE:ETN - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 141,189 shares of the industrial products company's stock, valued at approximately $46,856,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Flagship Wealth Advisors LLC acquired a new position in Eaton during the fourth quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new stake in Eaton during the 4th quarter worth $30,000. Groupama Asset Managment grew its position in Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company's stock worth $31,000 after purchasing an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in Eaton by 321.7% in the fourth 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 during the period. Finally, Morse Asset Management Inc purchased a new stake in shares of Eaton in the third quarter valued at about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ETN. JPMorgan Chase & Co. lowered their price target on Eaton from $350.00 to $348.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Citigroup dropped their target price on Eaton from $440.00 to $410.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Jefferies Financial Group decreased their price target on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. StockNews.com cut shares of Eaton from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company reduced their target price on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average price target of $357.16.

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Eaton Price Performance

NYSE:ETN traded down $14.40 during mid-day trading on Wednesday, hitting $285.60. 4,708,463 shares of the company's stock traded hands, compared to its average volume of 2,421,231. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99. The company has a market cap of $111.89 billion, a PE ratio of 30.06, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The firm's 50 day simple moving average is $309.76 and its 200 day simple moving average is $331.90.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the company posted $2.55 earnings per share. Sell-side analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Monday, March 10th. This is a boost from Eaton's previous quarterly dividend of $0.94. Eaton's dividend payout ratio (DPR) is currently 43.79%.

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.