Cetera Advisors LLC raised its position in Eaton Co. PLC (NYSE:ETN) by 19.6% during the first quarter, Holdings Channel reports. The firm owned 5,527 shares of the industrial products company’s stock after buying an additional 905 shares during the quarter. Cetera Advisors LLC’s holdings in Eaton were worth $429,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ETN. Norges Bank purchased a new stake in Eaton in the fourth quarter valued at approximately $819,146,000. BlackRock Inc. raised its position in Eaton by 6.8% in the first quarter. BlackRock Inc. now owns 32,923,575 shares of the industrial products company’s stock valued at $2,557,831,000 after purchasing an additional 2,093,926 shares during the period. USS Investment Management Ltd purchased a new stake in Eaton in the fourth quarter valued at approximately $163,227,000. Bank of New York Mellon Corp raised its position in Eaton by 19.9% in the first quarter. Bank of New York Mellon Corp now owns 6,562,088 shares of the industrial products company’s stock valued at $509,808,000 after purchasing an additional 1,087,478 shares during the period. Finally, Amundi Pioneer Asset Management Inc. raised its position in Eaton by 93.9% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 840,418 shares of the industrial products company’s stock valued at $79,603,000 after purchasing an additional 407,008 shares during the period. 79.96% of the stock is currently owned by institutional investors.
ETN has been the topic of a number of research analyst reports. Deutsche Bank boosted their target price on Eaton from $91.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Barclays reaffirmed a “hold” rating and set a $76.00 price objective on shares of Eaton in a research report on Monday, April 6th. JPMorgan Chase & Co. lowered Eaton from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $91.00 in a research report on Monday, April 13th. Citigroup cut their price objective on Eaton from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, April 3rd. Finally, Oppenheimer started coverage on Eaton in a research report on Tuesday, February 4th. They set a “buy” rating and a $115.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $93.12.
NYSE ETN opened at $78.67 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.75 and a quick ratio of 1.28. Eaton Co. PLC has a 1 year low of $56.42 and a 1 year high of $105.78. The company has a market capitalization of $31.32 billion, a PE ratio of 15.43, a P/E/G ratio of 1.90 and a beta of 1.15. The company has a fifty day moving average of $78.43 and a two-hundred day moving average of $88.83.
Eaton (NYSE:ETN) last announced its earnings results on Thursday, April 30th. The industrial products company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.02. Eaton had a net margin of 10.19% and a return on equity of 14.67%. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the prior year, the firm earned $1.26 earnings per share. The business’s quarterly revenue was down 9.7% compared to the same quarter last year. On average, research analysts expect that Eaton Co. PLC will post 3.74 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Thursday, May 14th will be paid a dividend of $0.73 per share. The ex-dividend date is Wednesday, May 13th. This represents a $2.92 annualized dividend and a dividend yield of 3.71%. Eaton’s dividend payout ratio (DPR) is 51.50%.
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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