Eaton Corporation, PLC $ETN Stock: Fifth Third Bancorp Cuts Holdings

Fifth Third Bancorp cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 3.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 453,581 shares of the industrial products company’s stock after selling 15,281 shares during the quarter. Fifth Third Bancorp’s holdings in Eaton were worth $194,908,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Endeavor Private Wealth Inc. acquired a new position in Eaton during the third quarter valued at $237,000. Maryland State Retirement & Pension System boosted its holdings in Eaton by 13.7% in the third quarter. Maryland State Retirement & Pension System now owns 23,665 shares of the industrial products company’s stock valued at $10,169,000 after purchasing an additional 2,857 shares during the last quarter. Ritholtz Wealth Management grew its position in Eaton by 6.7% during the 3rd quarter. Ritholtz Wealth Management now owns 9,429 shares of the industrial products company’s stock worth $4,052,000 after purchasing an additional 593 shares during the period. UNIVEST FINANCIAL Corp grew its position in Eaton by 4.3% during the 3rd quarter. UNIVEST FINANCIAL Corp now owns 3,404 shares of the industrial products company’s stock worth $1,463,000 after purchasing an additional 139 shares during the period. Finally, NBH Bank raised its stake in shares of Eaton by 6.3% during the 3rd quarter. NBH Bank now owns 2,018 shares of the industrial products company’s stock valued at $867,000 after buying an additional 119 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ETN shares. Deutsche Bank lifted their price objective on Eaton from $493.00 to $521.00 and gave the company a “buy” rating in a research note on Wednesday, September 30th. Wells Fargo & Company lowered their target price on Eaton from $503.00 to $485.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 4th. Jefferies Financial Group began coverage on Eaton in a report on Wednesday. They set a “neutral” rating and a $395.00 target price on the stock. BMO Capital Markets raised their target price on Eaton from $477.00 to $487.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, UBS Group upgraded Eaton from a “neutral” rating to a “buy” rating and lifted their price target for the company from $450.00 to $515.00 in a research report on Monday, September 7th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $476.86.

Eaton Stock Performance

Shares of NYSE ETN opened at $360.74 on Thursday. The company has a market capitalization of $140.15 billion, a PE ratio of 36.04, a price-to-earnings-growth ratio of 2.23 and a beta of 1.15. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.78 and a current ratio of 1.23. The company’s fifty day moving average price is $402.71 and its 200 day moving average price is $396.94. Eaton Corporation, PLC has a 1 year low of $311.92 and a 1 year high of $478.00.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $3.54 by $0.14. The company had revenue of $8.95 billion during the quarter, compared to analysts’ expectations of $8.53 billion. Eaton had a net margin of 12.18% and a return on equity of 25.09%. The firm’s revenue for the quarter was up 28.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.07 earnings per share. On average, research analysts predict that Eaton Corporation, PLC will post 13.78 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Tuesday, November 10th will be given a dividend of $1.10 per share. The ex-dividend date is Tuesday, November 10th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.2%. Eaton’s dividend payout ratio (DPR) is 43.96%.

Recent Eaton Headlines

Investors following ETN have been watching these headlines:

• Positive Sentiment: Eaton was selected to provide hydraulic power and fuel-system technologies for Dassault Aviation’s Falcon 10X, adding to its aerospace business. Eaton to supply systems for a new business jet
• Positive Sentiment: Potentially large AI-infrastructure investment could support demand for Eaton’s electrical equipment: one report projects hyperscalers’ 2027 capital spending at $1.3 trillion. Hyperscaler capital spending and Eaton
• Neutral Sentiment: JPMorgan and Jefferies initiated coverage with neutral ratings and $395 price targets. The targets imply potential upside from the quoted share prices, but the ratings signal a measured view. JPMorgan coverage Jefferies coverage

About Eaton

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.