Tidal Investments LLC increased its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 200.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,403 shares of the industrial products company's stock after purchasing an additional 59,681 shares during the period. Tidal Investments LLC's holdings in Eaton were worth $29,670,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Eaton by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after acquiring an additional 99,291 shares in the last quarter. FMR LLC boosted its stake in Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after acquiring an additional 182,455 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 in the last quarter. Nuveen Asset Management LLC boosted its stake 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 in the last quarter. Finally, Northern Trust Corp boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.
Eaton Stock Performance
NYSE ETN traded down $5.94 during trading hours on Wednesday, hitting $322.32. 1,725,508 shares of the stock were exchanged, compared to its average volume of 2,662,665. The company has a market cap of $126.12 billion, a price-to-earnings ratio of 33.93, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The stock has a 50-day moving average of $289.04 and a 200 day moving average of $319.49. 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 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the company posted $2.40 earnings per share. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.
Eaton Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.29%. Eaton's dividend payout ratio (DPR) is presently 41.98%.
Insider Buying and Selling at Eaton
In other news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider now directly owns 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm'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 transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company's stock.
Analyst Ratings Changes
Several research firms have issued reports on ETN. JPMorgan Chase & Co. upped 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 decreased their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Wells Fargo & Company reiterated an "overweight" rating and set a $355.00 target price on shares of Eaton in a research note on Monday, May 5th. Barclays decreased their target price on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a research note on Friday, April 4th. Finally, StockNews.com upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research note on Sunday. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $367.83.
Get Our Latest Analysis on Eaton
About Eaton
(
Free Report)
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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