Voleon Capital Management LP Takes Position in Eaton Co. plc (NYSE:ETN)

Voleon Capital Management LP acquired a new position in shares of Eaton Co. plc (NYSE:ETN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 9,470 shares of the industrial products company's stock, valued at approximately $3,143,000.

A number of other hedge funds have also modified their holdings of ETN. Flagship Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth about $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the fourth quarter valued at approximately $30,000. Horizon Bancorp Inc. IN boosted its stake in Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock worth $32,000 after purchasing an additional 74 shares during the period. Morse Asset Management Inc purchased a new position in Eaton during the 3rd quarter worth approximately $33,000. Finally, Murphy & Mullick Capital Management Corp purchased a new position in shares of Eaton during the fourth quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Melius lowered Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Evercore ISI lowered their price objective on shares of Eaton from $382.00 to $326.00 and set an "in-line" rating on the stock in a research report on Wednesday, February 19th. Royal Bank of Canada cut 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. Wells Fargo & Company lowered their price target on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, Jefferies Financial Group cut their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $354.63.

Eaton Stock Performance

ETN stock traded down $2.08 during midday trading on Friday, hitting $299.58. 5,931,677 shares of the company traded hands, compared to its average volume of 2,636,192. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The stock has a market capitalization of $117.37 billion, a price-to-earnings ratio of 31.53, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. 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 business has a 50 day simple moving average of $281.21 and a 200-day simple moving average of $321.62.

Eaton (NYSE:ETN - Get Free Report) last posted 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. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. Eaton's revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $2.40 EPS. As a group, equities research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The firm 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 dividend of $1.04 per share. The ex-dividend date is Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.39%. Eaton's payout ratio is 43.79%.

Eaton 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.