Amundi Pioneer Asset Management Inc. grew its position in Eaton Co. plc (NYSE:ETN) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,901,059 shares of the industrial products company’s stock after acquiring an additional 10,624 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.48% of Eaton worth $228,392,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Eaton in the 4th quarter valued at about $1,045,205,000. Charles Schwab Investment Management Inc. grew its position in shares of Eaton by 9.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,809,749 shares of the industrial products company’s stock valued at $697,984,000 after acquiring an additional 489,453 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Eaton by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,839,025 shares of the industrial products company’s stock valued at $461,188,000 after acquiring an additional 44,686 shares during the period. Morgan Stanley lifted its stake in shares of Eaton by 4.7% during the 4th quarter. Morgan Stanley now owns 3,234,609 shares of the industrial products company’s stock worth $388,606,000 after buying an additional 143,778 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Eaton by 12.1% during the 4th quarter. Wells Fargo & Company MN now owns 3,223,176 shares of the industrial products company’s stock worth $387,233,000 after buying an additional 349,100 shares during the last quarter. 77.88% of the stock is owned by institutional investors.
ETN has been the subject of a number of research reports. Credit Suisse Group raised their target price on shares of Eaton from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 3rd. Berenberg Bank upgraded shares of Eaton from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Monday, March 15th. Robert W. Baird raised their target price on shares of Eaton from $120.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 2nd. Oppenheimer raised their target price on shares of Eaton from $133.00 to $145.00 in a research note on Tuesday, March 2nd. Finally, Citigroup raised their target price on shares of Eaton from $142.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, March 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $132.89.
Eaton (NYSE:ETN) last released its earnings results on Monday, February 1st. The industrial products company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.20 by $0.08. Eaton had a net margin of 7.53% and a return on equity of 11.94%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period last year, the firm earned $1.37 EPS. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. Equities analysts predict that Eaton Co. plc will post 4.17 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Shareholders of record on Tuesday, March 16th were issued a $0.76 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.73. This represents a $3.04 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Monday, March 15th. Eaton’s dividend payout ratio (DPR) is currently 53.62%.
In related news, insider Uday Yadav sold 2,213 shares of Eaton stock in a transaction that occurred on Friday, March 5th. The shares were sold at an average price of $135.12, for a total transaction of $299,020.56. Also, insider Brian S. Brickhouse sold 22,758 shares of Eaton stock in a transaction that occurred on Wednesday, March 3rd. The shares were sold at an average price of $135.80, for a total transaction of $3,090,536.40. Following the sale, the insider now directly owns 15,587 shares in the company, valued at $2,116,714.60. The disclosure for this sale can be found here. Insiders have sold a total of 36,740 shares of company stock worth $4,945,066 over the last ninety days. 0.54% of the stock is currently owned by insiders.
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
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