Voya Investment Management LLC Raises Stock Position in Eaton Co. plc (NYSE:ETN)

Voya Investment Management LLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 18.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 683,252 shares of the industrial products company's stock after purchasing an additional 104,969 shares during the period. Voya Investment Management LLC owned 0.17% of Eaton worth $226,751,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ETN. Morse Asset Management Inc purchased a new stake in shares of Eaton in the 3rd quarter worth about $33,000. Bard Financial Services Inc. purchased a new stake in Eaton in the third quarter worth about $255,000. Advisory Resource Group boosted its position in Eaton by 10.9% during the 3rd quarter. Advisory Resource Group now owns 4,358 shares of the industrial products company's stock valued at $1,444,000 after acquiring an additional 428 shares in the last quarter. Chelsea Counsel Co. grew its holdings in shares of Eaton by 29.4% during the 3rd quarter. Chelsea Counsel Co. now owns 220 shares of the industrial products company's stock worth $73,000 after acquiring an additional 50 shares during the period. Finally, Tudor Financial Inc. bought a new position in shares of Eaton in the 3rd quarter worth approximately $265,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Melius Research restated a "hold" rating and set a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. KeyCorp cut their price objective 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. Evercore ISI reduced their target price on Eaton from $382.00 to $326.00 and set an "in-line" rating for the company in a report on Wednesday, February 19th. Finally, Citigroup lowered their price target on Eaton from $396.00 to $323.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $350.22.

Eaton Price Performance

Shares of NYSE ETN traded up $1.27 during mid-day trading on Tuesday, reaching $289.01. The company's stock had a trading volume of 657,567 shares, compared to its average volume of 3,670,479. The stock has a fifty day moving average of $281.12 and a two-hundred day moving average of $322.74. The firm has a market capitalization of $113.22 billion, a PE ratio of 30.42, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. 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 (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the company earned $2.55 EPS. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders 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 dividend yield of 1.44%. Eaton's dividend payout ratio (DPR) 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.