Polar Capital Holdings Plc Has $35.57 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Polar Capital Holdings Plc cut its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 25.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 107,171 shares of the industrial products company's stock after selling 36,480 shares during the period. Polar Capital Holdings Plc's holdings in Eaton were worth $35,567,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ETN. Lighthouse Wealth Management Inc. acquired a new position in shares of Eaton in the fourth quarter valued at approximately $297,000. Bearing Point Capital LLC acquired a new position in Eaton during the 4th quarter worth approximately $2,713,000. Webster Bank N. A. grew its holdings 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 acquiring an additional 6,166 shares in the last quarter. Ballentine Partners LLC grew its holdings in Eaton by 9.3% during the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company's stock worth $3,072,000 after acquiring an additional 790 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Eaton by 13.2% during the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company's stock worth $4,804,000 after acquiring an additional 1,694 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Up 0.8%

Shares of NYSE ETN traded up $2.58 during mid-day trading on Friday, reaching $329.40. The company had a trading volume of 1,997,137 shares, compared to its average volume of 2,663,514. The stock has a fifty day moving average of $287.40 and a two-hundred day moving average of $319.55. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market capitalization of $128.89 billion, a price-to-earnings ratio of 34.67, a PEG ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99.

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

Eaton Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.26%. Eaton's payout ratio is 41.98%.

Insider Transactions at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now directly owns 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

ETN has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Evercore ISI reduced their price objective on shares of Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a research report on Wednesday, February 19th. StockNews.com upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Sunday. Jefferies Financial Group reduced their price objective on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat.com, Eaton has an average rating of "Moderate Buy" and an average target price of $366.56.

About Eaton

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.