Eaton Co. plc (NYSE:ETN) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. cut its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 24.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,957,289 shares of the industrial products company's stock after selling 616,787 shares during the period. Ameriprise Financial Inc. owned about 0.50% of Eaton worth $649,562,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ETN. Flagship Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth $27,000. Noble Wealth Management PBC bought a new position in shares of Eaton during the 4th quarter worth approximately $30,000. Horizon Bancorp Inc. IN lifted its position in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock worth $32,000 after buying an additional 74 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Eaton during the fourth quarter valued at approximately $33,000. Finally, Activest Wealth Management boosted its holdings in shares of Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company's stock valued at $34,000 after buying an additional 87 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Price Performance

Shares of ETN stock traded up $4.20 during mid-day trading on Wednesday, hitting $302.31. The company had a trading volume of 1,888,780 shares, compared to its average volume of 2,640,503. The company has a market capitalization of $118.44 billion, a P/E ratio of 31.82, a P/E/G ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 52-week low of $231.85 and a 52-week high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock's 50 day moving average price is $281.59 and its 200-day moving average price is $320.81.

Eaton (NYSE:ETN - Get Free Report) last announced 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 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 the consensus estimate of $6.26 billion. During the same quarter last year, the firm earned $2.40 EPS. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research 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 $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Monday, May 5th. Eaton's dividend payout ratio is currently 41.98%.

Analyst Ratings Changes

ETN has been the subject of several research analyst reports. Jefferies Financial Group reduced their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. JPMorgan Chase & Co. increased their price target on shares of Eaton from $289.00 to $300.00 and gave the stock an "overweight" rating in a research report on Tuesday. Royal Bank of Canada boosted their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday. Morgan Stanley dropped their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Melius Research reissued a "hold" rating and issued a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $361.13.

Insiders Place Their Bets

In related news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company's stock.

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.