Jennison Associates LLC Has $10.28 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Jennison Associates LLC reduced its stake in Eaton Co. plc (NYSE:ETN) by 64.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,689 shares of the industrial products company’s stock after selling 76,928 shares during the quarter. Jennison Associates LLC’s holdings in Eaton were worth $10,280,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners acquired a new stake in Eaton during the 4th quarter worth approximately $25,000. Valued Wealth Advisors LLC acquired a new stake in shares of Eaton during the fourth quarter worth $35,000. Chilton Capital Management LLC bought a new stake in shares of Eaton in the fourth quarter valued at about $35,000. Authentikos Wealth Advisory LLC acquired a new position in shares of Eaton in the third quarter valued at about $39,000. Finally, Fortitude Family Office LLC bought a new position in Eaton during the fourth quarter worth about $46,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Trading Down 0.5 %

NYSE ETN opened at $317.10 on Friday. The company has a market cap of $126.68 billion, a price-to-earnings ratio of 39.54, a price-to-earnings-growth ratio of 2.64 and a beta of 1.07. Eaton Co. plc has a twelve month low of $161.12 and a twelve month high of $331.47. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The business’s fifty day moving average is $303.89 and its 200 day moving average is $257.51.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $2.06 earnings per share. As a group, sell-side analysts expect that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, May 3rd. Eaton’s dividend payout ratio is currently 46.88%.

Insider Activity at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock worth $10,904,774 over the last ninety days. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ETN shares. Bank of America boosted their price objective on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. The Goldman Sachs Group increased their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Berenberg Bank upped their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Finally, Mizuho boosted their price target on Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $295.60.

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.