Centiva Capital LP Decreases Position in Eaton Co. plc (NYSE:ETN)

Centiva Capital LP trimmed its position in Eaton Co. plc (NYSE:ETN - Free Report) by 22.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,783 shares of the industrial products company's stock after selling 1,709 shares during the period. Centiva Capital LP's holdings in Eaton were worth $1,919,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ETN. Vanguard Group Inc. increased its stake in Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock worth $12,351,506,000 after acquiring an additional 99,291 shares during the last quarter. FMR LLC grew its holdings in shares of 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 in the last quarter. Geode Capital Management LLC increased its position in shares of Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after purchasing an additional 129,071 shares during the last quarter. Northern Trust Corp raised its stake in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares in the last quarter. Finally, Norges Bank bought a new stake in Eaton during the fourth quarter valued at approximately $1,495,582,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Up 1.0 %

Shares of Eaton stock traded up $2.97 during midday trading on Friday, reaching $310.01. 2,038,665 shares of the company's stock traded hands, compared to its average volume of 2,645,199. The company has a market cap of $121.45 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14. The stock has a 50 day moving average of $282.81 and a 200-day moving average of $320.30. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insider Buying and Selling

In other news, insider Craig Arnold sold 51,054 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now directly owns 489,444 shares of the company's stock, valued at $149,490,880.92. This represents a 9.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on ETN. 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 report on Monday. Citigroup raised their price target on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research report on Monday. Jefferies Financial Group cut their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. KeyCorp raised their price objective on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Monday. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $355.00 target price on shares of Eaton in a research note on Monday. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $361.13.

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.