Shorepoint Capital Partners LLC Trims Position in Eaton Co. plc (NYSE:ETN)

Shorepoint Capital Partners LLC decreased its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 4.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,701 shares of the industrial products company's stock after selling 1,123 shares during the quarter. Eaton comprises 1.8% of Shorepoint Capital Partners LLC's holdings, making the stock its 12th biggest position. Shorepoint Capital Partners LLC's holdings in Eaton were worth $7,866,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Eaton by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock worth $12,351,506,000 after acquiring an additional 99,291 shares during the period. FMR LLC boosted its position 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 buying an additional 182,455 shares during the last quarter. Geode Capital Management LLC raised its position in 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 worth $2,714,677,000 after buying an additional 129,071 shares during the last quarter. Norges Bank acquired a new position in Eaton during the fourth quarter valued at $1,495,582,000. Finally, Franklin Resources Inc. boosted its position in Eaton by 13.3% in the 4th quarter. Franklin Resources Inc. now owns 2,744,691 shares of the industrial products company's stock worth $910,881,000 after purchasing an additional 323,065 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analyst Ratings Changes

ETN has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Eaton from $335.00 to $305.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. Melius lowered Eaton from a "buy" rating to a "hold" rating and set a $373.00 price target on the stock. in a research note on Tuesday, January 28th. Evercore ISI reduced their price objective on Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a research note on Wednesday, February 19th. Royal Bank of Canada reduced their target price on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating for the company in a research report on Thursday, March 6th. Finally, KeyCorp lowered their price target on shares of Eaton from $340.00 to $325.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $350.22.

Eaton Trading Up 2.6 %

NYSE ETN traded up $7.70 during trading on Thursday, hitting $302.07. The stock had a trading volume of 4,721,462 shares, compared to its average volume of 2,624,204. The company has a market capitalization of $118.34 billion, a PE ratio of 31.80, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average price of $280.71 and a 200 day moving average price of $322.32.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the firm posted $2.55 EPS. 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 company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a $1.04 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.38%. Eaton's dividend payout ratio (DPR) is 43.79%.

Eaton Company 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.