Eaton Co. plc (NYSE:ETN) Stock Position Lessened by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV decreased its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 19.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,880 shares of the industrial products company's stock after selling 2,438 shares during the quarter. Azzad Asset Management Inc. ADV's holdings in Eaton were worth $3,279,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Eaton in the fourth quarter valued at $1,495,582,000. Capital International Investors purchased a new position in shares of Eaton in the fourth quarter valued at $523,541,000. Proficio Capital Partners LLC increased its position in shares of Eaton by 42,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock valued at $243,036,000 after buying an additional 730,594 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new position in shares of Eaton in the fourth quarter valued at $231,552,000. Finally, Janus Henderson Group PLC increased its position in shares of Eaton by 24.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock valued at $998,144,000 after buying an additional 588,370 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays dropped their price target on Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a research report on Friday, April 4th. Morgan Stanley dropped their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Citigroup lifted their price objective on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. lifted their price objective on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton has an average rating of "Moderate Buy" and an average target price of $367.83.

Eaton Trading Down 1.4%

NYSE:ETN traded down $4.46 during mid-day trading on Friday, reaching $320.35. The company's stock had a trading volume of 3,787,956 shares, compared to its average volume of 2,675,021. The company's fifty day simple moving average is $293.29 and its two-hundred day simple moving average is $317.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The stock has a market cap of $125.35 billion, a P/E ratio of 33.72, a P/E/G ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the company earned $2.40 EPS. The firm's quarterly revenue was up 7.3% on a year-over-year basis. On average, equities analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is currently 41.98%.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred on 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by company insiders.

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.