Canopy Partners LLC Sells 56 Shares of Eaton Co. plc (NYSE:ETN)

Canopy Partners LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,405 shares of the industrial products company’s stock after selling 56 shares during the period. Canopy Partners LLC’s holdings in Eaton were worth $798,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of ETN. Norges Bank bought a new position in shares of Eaton during the fourth quarter valued at about $1,495,582,000. Proficio Capital Partners LLC grew its stake in shares of Eaton by 42,255.3% during the 4th 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 during the period. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Eaton by 390.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 539,673 shares of the industrial products company’s stock worth $193,421,000 after purchasing an additional 429,701 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings 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 valued at $133,321,000 after acquiring an additional 390,595 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Eaton by 13.3% during the fourth quarter. Franklin Resources Inc. now owns 2,744,691 shares of the industrial products company’s stock worth $910,881,000 after acquiring an additional 323,065 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ETN shares. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. KeyCorp raised shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target for the company in a research note on Wednesday, March 12th. Evercore ISI dropped their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. JPMorgan Chase & Co. cut their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Melius Research reaffirmed a “hold” rating and set a $373.00 target price on shares of Eaton 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 target price of $356.68.

Eaton Trading Down 5.6 %

NYSE:ETN opened at $246.36 on Monday. The company has a 50-day moving average price of $296.43 and a 200-day moving average price of $330.24. The stock has a market cap of $96.52 billion, a price-to-earnings ratio of 25.93, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12 month low of $222.60 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the previous year, the business posted $2.55 EPS. Equities analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a $1.04 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a yield of 1.69%. Eaton’s dividend payout ratio is 43.79%.

About Eaton

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.