Eaton Co. plc (NYSE:ETN) Stock Position Reduced by Prospector Partners LLC

Prospector Partners LLC cut its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 3.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,609 shares of the industrial products company's stock after selling 2,651 shares during the quarter. Eaton accounts for about 2.6% of Prospector Partners LLC's investment portfolio, making the stock its 5th largest holding. Prospector Partners LLC's holdings in Eaton were worth $23,765,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. boosted its position in Eaton by 48.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company's stock valued at $13,533,000 after purchasing an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. bought a new stake in Eaton in the fourth quarter valued at $297,000. Webster Bank N. A. grew its position in shares of Eaton by 52.4% during the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company's stock worth $5,949,000 after acquiring an additional 6,166 shares during the last quarter. Ballentine Partners LLC increased its holdings in shares of Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company's stock worth $3,072,000 after acquiring an additional 790 shares during the period. Finally, Blue Trust Inc. lifted its position in Eaton by 13.2% in the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company's stock valued at $4,804,000 after purchasing an additional 1,694 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Remove Ads

Eaton Price Performance

Eaton stock traded up $4.43 during mid-day trading on Friday, hitting $275.15. The company's stock had a trading volume of 1,622,791 shares, compared to its average volume of 2,608,012. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The stock's fifty day moving average price is $290.12 and its two-hundred day moving average price is $327.58. The stock has a market capitalization of $107.79 billion, a P/E ratio of 28.80, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm earned $2.55 EPS. Research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.51%. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. Eaton's dividend payout ratio (DPR) is presently 43.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ETN shares. KeyCorp dropped their price target on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. lowered 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. StockNews.com lowered Eaton from a "buy" rating to a "hold" rating in a research report on Friday, March 21st. Citigroup decreased their price target on Eaton from $440.00 to $410.00 and set a "buy" rating for the company in a research note on Monday, January 13th. Finally, Evercore ISI cut their price objective on shares of Eaton from $382.00 to $326.00 and set an "in-line" rating on the stock in a research note on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $355.06.

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.