Prudential PLC Sells 1,100 Shares of Eaton Corporation, PLC (NYSE:ETN)

Prudential PLC reduced its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 14.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,350 shares of the industrial products company's stock after selling 1,100 shares during the period. Prudential PLC's holdings in Eaton were worth $1,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Brighton Jones LLC boosted its position in shares of Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after purchasing an additional 45 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after acquiring an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG bought a new position in Eaton during the fourth quarter worth about $42,839,000. Townsquare Capital LLC lifted its holdings in Eaton by 18.0% during the fourth quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock worth $1,990,000 after acquiring an additional 916 shares in the last quarter. Finally, Bridgewater Associates LP bought a new position in Eaton during the fourth quarter worth about $13,652,000. 82.97% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the sale, the insider owned 630 shares in the company, valued at $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. BNP Paribas assumed coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Barclays lifted their price target on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Royal Bank Of Canada lifted 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. Finally, Citigroup lifted their target price on Eaton from $420.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Eaton Price Performance

Shares of NYSE ETN opened at $354.98 on Friday. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The company has a market cap of $138.19 billion, a PE ratio of 35.71, a price-to-earnings-growth ratio of 2.64 and a beta of 1.18. The business's 50 day moving average price is $357.73 and its two-hundred day moving average price is $318.48. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter in the previous year, the company posted $2.73 earnings per share. The business's revenue was up 10.7% on a year-over-year basis. On average, analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio is currently 41.85%.

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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