Legal & General Group Plc reduced its position in Eaton Co. plc (NYSE:ETN - Free Report) by 20.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,420,304 shares of the industrial products company's stock after selling 605,223 shares during the period. Legal & General Group Plc owned 0.61% of Eaton worth $803,226,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton during the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton in the 4th quarter worth approximately $30,000. Groupama Asset Managment lifted its stake in Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN grew its position in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock worth $32,000 after purchasing an additional 74 shares in the last quarter. Finally, Morse Asset Management Inc acquired a new position in shares of Eaton in the third quarter worth $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.
Eaton Price Performance
Shares of NYSE:ETN traded up $6.41 during trading on Friday, hitting $277.13. 3,833,121 shares of the company were exchanged, compared to its average volume of 2,620,567. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99. The business's 50 day moving average is $289.36 and its 200-day moving average is $327.22. 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 company has a market capitalization of $108.57 billion, a P/E ratio of 29.17, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09.
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, beating analysts' consensus estimates 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 last year, the firm posted $2.55 earnings per share. Equities analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.
Eaton Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a dividend of $1.04 per share. The ex-dividend date was Monday, March 10th. This is an increase from Eaton's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.50%. Eaton's payout ratio is presently 43.79%.
Wall Street Analysts Forecast Growth
ETN has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their target price on Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a research report on Tuesday. Melius downgraded shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 price target for the company. in a report on Tuesday, January 28th. KeyCorp dropped their price objective on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a report on Tuesday. Jefferies Financial Group reduced their target price on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Finally, StockNews.com lowered Eaton from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average price target of $355.06.
Get Our Latest Stock Report on ETN
Eaton Company Profile
(
Free Report)
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.
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