Phoenix Financial Ltd. Increases Holdings in Eaton Co. plc (NYSE:ETN)

Phoenix Financial Ltd. increased its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 1,197.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,626 shares of the industrial products company's stock after buying an additional 128,866 shares during the period. Phoenix Financial Ltd.'s holdings in Eaton were worth $46,338,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ETN. Norges Bank bought a new position in Eaton during the 4th quarter worth $1,495,582,000. Proficio Capital Partners LLC raised its position in shares of Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after acquiring an additional 730,594 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Eaton by 390.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 539,673 shares of the industrial products company's stock worth $193,421,000 after acquiring an additional 429,701 shares during the period. Assenagon Asset Management S.A. increased its position in Eaton by 3,508.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company's stock valued at $133,321,000 after purchasing an additional 390,595 shares during the period. Finally, APG Asset Management N.V. raised its holdings in Eaton by 607.7% during the 4th quarter. APG Asset Management N.V. now owns 412,788 shares of the industrial products company's stock worth $132,295,000 after purchasing an additional 354,459 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

ETN has been the subject of a number of recent analyst reports. KeyCorp decreased their price target on Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group lowered their price objective on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their target price on Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. StockNews.com upgraded shares of Eaton from a "hold" rating to a "buy" rating in a report on Monday. Finally, Royal Bank of Canada reduced their price objective on Eaton from $405.00 to $376.00 and set an "outperform" rating for the company in a research note on Thursday, March 6th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and an average price target of $350.22.

Eaton Price Performance

Shares of ETN stock traded down $0.99 on Tuesday, reaching $276.84. The company's stock had a trading volume of 976,927 shares, compared to its average volume of 2,615,779. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The stock's 50 day simple moving average is $288.60 and its 200-day simple moving average is $326.82. 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 $108.46 billion, a P/E ratio of 29.14, a PEG 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 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 last year, the business earned $2.55 earnings per share. As a group, equities analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 10th were given a dividend of $1.04 per share. The ex-dividend date was Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.50%. This is a boost from Eaton's previous quarterly dividend of $0.94. Eaton's dividend payout ratio (DPR) is 43.79%.

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.