Summitry LLC Cuts Holdings in Eaton Co. plc (NYSE:ETN)

Summitry LLC lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 16.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,977 shares of the industrial products company’s stock after selling 3,733 shares during the period. Summitry LLC’s holdings in Eaton were worth $6,298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. Proficio Capital Partners LLC increased its position in shares of Eaton by 42,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after acquiring an additional 730,594 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Eaton by 32.8% in the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after acquiring an additional 597,700 shares during the period. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Eaton by 390.7% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 539,673 shares of the industrial products company’s stock valued at $193,421,000 after acquiring an additional 429,701 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Eaton by 3,508.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company’s stock worth $133,321,000 after purchasing an additional 390,595 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

Shares of ETN opened at $300.11 on Wednesday. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market cap of $117.57 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.64 and a beta of 1.09. The stock has a 50 day moving average of $309.76 and a 200-day moving average of $331.90.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the business earned $2.55 earnings per share. As a group, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a $1.04 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Monday, March 10th. Eaton’s payout ratio is presently 43.79%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ETN. Melius Research restated a “hold” rating and set a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Royal Bank of Canada reduced their price target on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. Jefferies Financial Group lowered their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company reduced their target price on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Finally, Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a report on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $357.68.

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.