Cypress Capital LLC grew its holdings in Eaton Co. plc (NYSE:ETN – Get Rating) by 3.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,177 shares of the industrial products company’s stock after purchasing an additional 444 shares during the period. Cypress Capital LLC’s holdings in Eaton were worth $2,000,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in ETN. Norges Bank purchased a new stake in Eaton in the 4th quarter valued at about $1,235,314,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Eaton in the first quarter worth approximately $302,564,000. Pictet Asset Management SA increased its holdings in Eaton by 404.1% during the 4th quarter. Pictet Asset Management SA now owns 1,876,676 shares of the industrial products company’s stock worth $324,327,000 after purchasing an additional 1,504,415 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Eaton by 15.0% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,455,308 shares of the industrial products company’s stock valued at $592,309,000 after purchasing an additional 451,727 shares in the last quarter. Finally, Clean Energy Transition LLP purchased a new stake in shares of Eaton in the 4th quarter worth $76,586,000. 79.10% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on ETN. Mizuho increased their target price on shares of Eaton from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday. Robert W. Baird set a $144.00 price objective on shares of Eaton in a research note on Tuesday. StockNews.com raised Eaton from a “hold” rating to a “buy” rating in a research report on Friday, July 8th. Wells Fargo & Company increased their price target on shares of Eaton from $139.00 to $142.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Barclays lifted their price objective on shares of Eaton from $112.00 to $124.00 and gave the stock an “underweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $161.33.
Insider Activity at Eaton
Eaton Stock Performance
Shares of ETN opened at $148.65 on Friday. The stock has a 50-day moving average of $134.53 and a two-hundred day moving average of $144.12. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.59 and a current ratio of 0.97. The stock has a market cap of $59.21 billion, a P/E ratio of 25.76, a P/E/G ratio of 1.79 and a beta of 1.19. Eaton Co. plc has a one year low of $122.50 and a one year high of $175.72.
Eaton (NYSE:ETN – Get Rating) last released its earnings results on Tuesday, August 2nd. The industrial products company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.05. Eaton had a return on equity of 17.04% and a net margin of 11.70%. The firm had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the previous year, the company posted $1.72 earnings per share. The company’s revenue was down .1% compared to the same quarter last year. As a group, research analysts predict that Eaton Co. plc will post 7.56 EPS for the current year.
Eaton Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Friday, August 12th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $3.24 annualized dividend and a dividend yield of 2.18%. Eaton’s dividend payout ratio (DPR) is presently 56.15%.
Eaton Company Profile
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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