Adage Capital Partners GP L.L.C. Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

Adage Capital Partners GP L.L.C. lifted its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 454,498 shares of the industrial products company's stock after buying an additional 5,744 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.12% of Eaton worth $150,834,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. grew its position in Eaton by 48.9% in the third 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 in the last quarter. Lighthouse Wealth Management Inc. acquired a new stake in Eaton in the fourth quarter valued at about $297,000. Webster Bank N. A. increased its position in Eaton by 52.4% during the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company's stock worth $5,949,000 after purchasing an additional 6,166 shares in the last quarter. Ballentine Partners LLC boosted its position in Eaton by 9.3% in the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company's stock valued at $3,072,000 after buying an additional 790 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Eaton by 13.2% in the fourth 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. 82.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ETN. Wells Fargo & Company lowered their target price on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Citigroup reduced their price target on Eaton from $396.00 to $323.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Jefferies Financial Group decreased their price target 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. Evercore ISI reduced their price target on Eaton from $382.00 to $326.00 and set an "in-line" rating on the stock in a research report on Wednesday, February 19th. Finally, StockNews.com lowered Eaton from a "buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $350.22.

Eaton Stock Performance

NYSE ETN traded down $3.81 during trading hours on Monday, hitting $285.02. 1,688,820 shares of the company's stock traded hands, compared to its average volume of 2,626,757. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $111.66 billion, a P/E ratio of 30.05, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The business's fifty day moving average price is $281.54 and its two-hundred day moving average price is $323.11.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating 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 in the previous year, the company posted $2.55 EPS. Equities research analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Monday, May 5th. Eaton's payout ratio is presently 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.