Mirae Asset Global Investments Co. Ltd. Increases Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 106.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,426 shares of the industrial products company's stock after acquiring an additional 57,463 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Eaton were worth $30,289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after buying an additional 99,291 shares during the last quarter. FMR LLC grew its position 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 acquiring an additional 182,455 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 purchasing an additional 129,071 shares during the period. Nuveen Asset Management LLC increased its position in Eaton by 4.3% in the 4th 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 period. Finally, Northern Trust Corp increased its holdings in shares of Eaton by 8.8% during 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 purchasing an additional 368,241 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ETN shares. Citigroup upped their price objective on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Evercore ISI upped their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Jefferies Financial Group cut their target price on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Finally, Royal Bank Of Canada increased their price target on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note 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 stock. According to data from MarketBeat, Eaton currently has a consensus rating of "Moderate Buy" and a consensus price target of $368.78.

Eaton Stock Up 1.6%

ETN stock opened at $353.74 on Friday. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The firm has a market cap of $138.42 billion, a PE ratio of 35.70, a P/E/G ratio of 2.74 and a beta of 1.16. The firm has a 50 day simple moving average of $318.04 and a 200 day simple moving average of $312.49. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the business earned $2.40 earnings per share. The business's quarterly revenue was up 7.3% on a year-over-year basis. Equities research analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.18%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Insider Activity at Eaton

In related news, 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 sale, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 51,054 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the transaction, the insider now owns 489,444 shares in the company, valued at approximately $149,490,880.92. This represents a 9.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

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.

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