Hartford Investment Management Co. Has $6.48 Million Position in Eaton Co. plc (NYSE:ETN)

Hartford Investment Management Co. lowered its position in Eaton Co. plc (NYSE:ETNFree Report) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,904 shares of the industrial products company’s stock after selling 279 shares during the period. Hartford Investment Management Co.’s holdings in Eaton were worth $6,479,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Eaton by 0.5% during the third quarter. Vanguard Group Inc. now owns 36,336,041 shares of the industrial products company’s stock worth $7,749,751,000 after purchasing an additional 176,900 shares during the period. FMR LLC boosted its position in Eaton by 36.0% during the third quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after purchasing an additional 5,270,331 shares during the period. State Street Corp boosted its position in shares of Eaton by 3.0% in the second quarter. State Street Corp now owns 17,034,288 shares of the industrial products company’s stock valued at $3,425,595,000 after acquiring an additional 495,948 shares during the period. Morgan Stanley grew its stake in shares of Eaton by 26.2% in the fourth quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock worth $1,968,521,000 after acquiring an additional 2,602,246 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Eaton by 2.0% in the first quarter. Geode Capital Management LLC now owns 7,084,548 shares of the industrial products company’s stock worth $1,210,672,000 after acquiring an additional 136,334 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN traded up $6.55 during midday trading on Wednesday, reaching $321.30. 1,285,161 shares of the company traded hands, compared to its average volume of 1,777,652. The firm has a market cap of $128.36 billion, a PE ratio of 39.96, a PEG ratio of 2.59 and a beta of 1.07. The stock’s 50-day simple moving average is $285.96 and its 200-day simple moving average is $245.74. Eaton Co. plc has a 12 month low of $155.38 and a 12 month high of $322.36. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51.

Eaton (NYSE:ETNGet Free Report) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $2.06 earnings per share. As a group, equities analysts anticipate that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.17%. This is a boost from Eaton’s previous quarterly dividend of $0.86. The ex-dividend date was Friday, March 8th. Eaton’s payout ratio is currently 46.88%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ETN. UBS Group raised their price objective on shares of Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $250.00 to $300.00 in a research note on Tuesday. Wells Fargo & Company raised their price objective on shares of Eaton from $220.00 to $257.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 19th. The Goldman Sachs Group raised their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Citigroup raised their price objective on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $281.73.

Get Our Latest Research Report on ETN

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Peter Denk sold 1,731 shares of Eaton stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 over the last ninety days. 0.33% of the stock is owned by insiders.

Eaton Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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