Zimmer Partners LP Acquires 10,400 Shares of Eaton Co. plc (NYSE:ETN)

Zimmer Partners LP grew its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 16.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 75,400 shares of the industrial products company's stock after purchasing an additional 10,400 shares during the quarter. Zimmer Partners LP's holdings in Eaton were worth $25,023,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ETN. Norges Bank bought a new stake in shares of Eaton in the 4th quarter valued at about $1,495,582,000. Capital International Investors purchased a new position in shares of Eaton in the 4th quarter worth approximately $523,541,000. Proficio Capital Partners LLC grew its position in shares of Eaton by 42,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after buying an additional 730,594 shares during the last quarter. Leigh Baldwin & CO. LLC purchased a new position in shares of Eaton in the 4th quarter worth approximately $231,552,000. Finally, Janus Henderson Group PLC grew its position in shares of Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after buying an additional 588,370 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Stock Up 0.1%

ETN stock opened at $329.34 on Tuesday. The firm's fifty day simple moving average is $288.15 and its 200-day simple moving average is $319.43. The company has a market capitalization of $128.87 billion, a P/E ratio of 34.67, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.40 EPS. As a group, equities research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Monday, May 5th. Eaton's dividend payout ratio is currently 41.98%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday. Citigroup lifted their price objective on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Royal Bank of Canada lifted their price objective on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Jefferies Financial Group cut their price objective on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research report on Wednesday, March 12th. Finally, StockNews.com raised shares of Eaton from a "hold" rating to a "buy" rating in a research report on Sunday. Five equities research 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 an average rating of "Moderate Buy" and a consensus target price of $367.83.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction 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 transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares of the company's stock, valued at $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 sold a total of 156,660 shares of company stock worth $49,622,894 in the last three months. Company 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.

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