Louisiana State Employees Retirement System reduced its position in Eaton Co. PLC (NYSE:ETN) by 1.3% during the 1st quarter, HoldingsChannel reports. The fund owned 22,400 shares of the industrial products company’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Eaton were worth $1,805,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in ETN. Princeton Global Asset Management LLC acquired a new stake in shares of Eaton during the fourth quarter worth approximately $317,000. Suntrust Banks Inc. boosted its holdings in shares of Eaton by 5.1% during the fourth quarter. Suntrust Banks Inc. now owns 182,110 shares of the industrial products company’s stock worth $12,504,000 after purchasing an additional 8,900 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Eaton during the fourth quarter worth approximately $589,000. Legal & General Group Plc boosted its holdings in shares of Eaton by 7.9% during the fourth quarter. Legal & General Group Plc now owns 2,574,900 shares of the industrial products company’s stock worth $176,771,000 after purchasing an additional 188,259 shares during the period. Finally, Factory Mutual Insurance Co. boosted its holdings in shares of Eaton by 26.2% during the fourth quarter. Factory Mutual Insurance Co. now owns 798,556 shares of the industrial products company’s stock worth $54,829,000 after purchasing an additional 165,700 shares during the period. 78.15% of the stock is currently owned by institutional investors and hedge funds.
NYSE ETN opened at $84.15 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 1.47 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $35.47 billion, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 1.54 and a beta of 1.48. Eaton Co. PLC has a 12-month low of $64.46 and a 12-month high of $89.46.
Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, January 31st. The industrial products company reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.03. Eaton had a net margin of 9.93% and a return on equity of 14.06%. The business had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.42 billion. As a group, analysts anticipate that Eaton Co. PLC will post 5.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Saturday, March 9th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Thursday, March 7th. Eaton’s payout ratio is 52.69%.
In other news, insider Richard H. Fearon sold 1,335 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $80.19, for a total value of $107,053.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Curtis J. Hutchins sold 37,625 shares of the business’s stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $76.02, for a total transaction of $2,860,252.50. Following the completion of the sale, the insider now owns 15,872 shares of the company’s stock, valued at $1,206,589.44. The disclosure for this sale can be found here. Insiders sold 73,214 shares of company stock valued at $5,709,455 over the last 90 days. 0.70% of the stock is owned by corporate insiders.
A number of research firms have issued reports on ETN. Bank of America cut shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Thursday, April 4th. Vertical Research upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. Wells Fargo & Co lifted their target price on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. They noted that the move was a valuation call. Robert W. Baird set a $89.00 target price on shares of Eaton and gave the company a “buy” rating in a research note on Saturday, February 2nd. Finally, Morgan Stanley set a $82.00 target price on shares of Eaton and gave the company a “hold” rating in a research note on Saturday, February 2nd. Three analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $86.80.
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Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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