KLP Kapitalforvaltning AS Grows Stock Position in Eaton Corporation, PLC (NYSE:ETN)

KLP Kapitalforvaltning AS grew its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 0.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 142,489 shares of the industrial products company's stock after acquiring an additional 1,300 shares during the period. KLP Kapitalforvaltning AS's holdings in Eaton were worth $38,733,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. FMR LLC boosted its stake in Eaton by 1.2% during the 4th 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 position in shares of Eaton by 1.6% during the 4th 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 increased its position in Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after purchasing an additional 192,482 shares during the last quarter. Northern Trust Corp raised its stake in Eaton by 8.8% during the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after purchasing an additional 368,241 shares during the period. Finally, Norges Bank acquired a new position in Eaton in the 4th quarter valued at about $1,495,582,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

NYSE ETN traded up $6.22 on Friday, hitting $391.12. 1,038,740 shares of the company's stock were exchanged, compared to its average volume of 3,067,064. The firm's 50-day moving average price is $343.32 and its two-hundred day moving average price is $315.89. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $391.36. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The firm has a market cap of $153.04 billion, a price-to-earnings ratio of 39.44, a P/E/G ratio of 2.87 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 23.41% and a net margin of 15.55%. Eaton's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 EPS. On average, research analysts expect 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. Investors of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.06%. Eaton's payout ratio is 41.98%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 price target on shares of Eaton in a report on Monday, July 14th. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Morgan Stanley decreased their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, Evercore ISI upped their target price on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $377.89.

Insider Buying and Selling

In other news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction dated 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 directly owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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 owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by 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.