1248 Management LLC Invests $1.47 Million in Eaton Co. plc (NYSE:ETN)

1248 Management LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,442 shares of the industrial products company's stock, valued at approximately $1,474,000. Eaton accounts for 0.6% of 1248 Management LLC's investment portfolio, making the stock its 28th largest position.

Several other large investors also recently made changes to their positions in ETN. Vanguard Group Inc. lifted its position in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after acquiring an additional 99,291 shares in the last quarter. FMR LLC boosted its position in Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock worth $5,051,807,000 after purchasing an additional 182,455 shares during the period. Geode Capital Management LLC raised its holdings in Eaton by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the period. Northern Trust Corp grew its holdings in Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after buying an additional 368,241 shares during the last quarter. Finally, Norges Bank bought a new stake in Eaton in the 4th quarter valued at $1,495,582,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Eaton from $350.00 to $289.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company increased their price objective on Eaton from $270.00 to $310.00 and gave the company an "equal weight" rating in a research report on Monday. Royal Bank of Canada raised their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday. Melius lowered shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective on the stock. in a research note on Tuesday, January 28th. Finally, Citigroup upped their target price on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $357.31.

Eaton Stock Performance

Shares of Eaton stock traded down $0.64 during trading on Monday, reaching $299.07. The company's stock had a trading volume of 2,454,895 shares, compared to its average volume of 2,635,511. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. 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 business's 50-day moving average price is $281.21 and its 200-day moving average price is $321.44. The firm has a market cap of $117.17 billion, a PE ratio of 31.48, a P/E/G ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. Eaton's revenue for the quarter was up 7.3% compared to the same quarter last year. Equities analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Monday, May 5th. Eaton's dividend payout ratio (DPR) is currently 41.98%.

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.