Employees Retirement System of Texas Lowers Stock Holdings in Eaton Co. plc (NYSE:ETN)

Employees Retirement System of Texas reduced its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 16.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,650 shares of the industrial products company's stock after selling 41,555 shares during the period. Employees Retirement System of Texas owned 0.05% of Eaton worth $70,904,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Wetzel Investment Advisors Inc. raised its holdings in Eaton by 0.9% in the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company's stock valued at $1,029,000 after buying an additional 28 shares during the period. Lantz Financial LLC increased its position in shares of Eaton by 4.8% during the fourth quarter. Lantz Financial LLC now owns 659 shares of the industrial products company's stock valued at $219,000 after acquiring an additional 30 shares during the last quarter. Norden Group LLC increased its position in shares of Eaton by 3.4% during the fourth quarter. Norden Group LLC now owns 978 shares of the industrial products company's stock valued at $325,000 after acquiring an additional 32 shares during the last quarter. TFC Financial Management Inc. lifted its holdings in shares of Eaton by 4.7% in the 4th quarter. TFC Financial Management Inc. now owns 752 shares of the industrial products company's stock worth $250,000 after acquiring an additional 34 shares during the last quarter. Finally, Nwam LLC boosted its position in shares of Eaton by 0.6% during the 4th quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock worth $1,764,000 after purchasing an additional 34 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

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 transaction of $629,364.40. Following the sale, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Arnold sold 51,054 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the transaction, the insider now directly owns 489,444 shares in the company, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last three months. Insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Royal Bank of Canada upped their price target on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. BNP Paribas initiated coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Barclays decreased their target price on Eaton from $315.00 to $306.00 and set an "equal weight" rating on the stock in a research note on Friday, April 4th. JPMorgan Chase & Co. lifted their target price on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, KeyCorp increased their price target on shares of Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $367.83.

Eaton Stock Down 1.4%

NYSE ETN traded down $4.46 on Friday, hitting $320.35. 3,787,956 shares of the stock were exchanged, compared to its average volume of 2,675,021. Eaton Co. plc has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The company has a 50-day moving average price of $293.29 and a 200-day moving average price of $317.89. The company has a market cap of $125.35 billion, a PE ratio of 33.72, a PEG ratio of 2.64 and a beta of 1.14. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping 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 in the previous year, the firm posted $2.40 earnings per share. The company's revenue was up 7.3% compared to the same quarter last year. Sell-side analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

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

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.