Twin Capital Management Inc. grew its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 24.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,027 shares of the industrial products company's stock after acquiring an additional 1,182 shares during the period. Twin Capital Management Inc.'s holdings in Eaton were worth $2,000,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Eaton in the 4th quarter worth approximately $1,495,582,000. Proficio Capital Partners LLC lifted 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 in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its holdings 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. grew its position in shares of Eaton by 3,508.4% in the fourth 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 in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Eaton by 13.3% during the 4th quarter. Franklin Resources Inc. now owns 2,744,691 shares of the industrial products company's stock valued at $910,881,000 after purchasing an additional 323,065 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on ETN. Melius Research reaffirmed a "hold" rating and set a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. StockNews.com cut shares of Eaton from a "buy" rating to a "hold" rating in a research report on Friday, March 21st. Royal Bank of Canada cut their price target on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating for the company in a research note on Thursday, March 6th. KeyCorp reduced their target price on Eaton from $340.00 to $325.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Melius cut Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective for the company. in a report on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and an average price target of $355.06.
Check Out Our Latest Stock Analysis on ETN
Eaton Trading Up 2.4 %
Shares of ETN traded up $6.41 during mid-day trading on Friday, hitting $277.13. 3,833,121 shares of the company's stock traded hands, compared to its average volume of 2,622,055. The business's 50-day moving average price is $289.36 and its 200-day moving average price is $327.18. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The firm has a market capitalization of $108.57 billion, a P/E ratio of 29.17, a PEG 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 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 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. As a group, sell-side analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.
Eaton Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.50%. This is a boost from Eaton's previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. Eaton's payout ratio is presently 43.79%.
Eaton Company Profile
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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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