Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lessened its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 99.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,784 shares of the industrial products company's stock after selling 4,312,895 shares during the quarter. Jennison Associates LLC's holdings in Eaton were worth $1,844,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. FMR LLC boosted 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 during the last quarter. Geode Capital Management LLC boosted its holdings in 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 valued at $2,714,677,000 after acquiring an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after acquiring an additional 192,482 shares during the last quarter. Northern Trust Corp boosted its holdings 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 acquiring an additional 368,241 shares during the last quarter. Finally, Norges Bank acquired a new position in Eaton in the fourth quarter valued at $1,495,582,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Stock Up 1.3%

Eaton stock traded up $4.77 during midday trading on Thursday, hitting $385.01. The stock had a trading volume of 880,314 shares, compared to its average volume of 3,076,064. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The stock has a market cap of $150.65 billion, a P/E ratio of 38.90, a P/E/G ratio of 2.81 and a beta of 1.17. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $385.80. The business has a fifty day moving average price of $342.17 and a 200 day moving average price of $315.63.

Eaton (NYSE:ETN - Get Free Report) last announced 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 during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.40 earnings per share. Research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.08%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their target price on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Evercore ISI boosted their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. KeyCorp boosted their price objective on Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. BNP Paribas Exane initiated coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Finally, Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider directly owned 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 over the last ninety days. Corporate insiders own 0.30% of the company's stock.

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.