Meeder Asset Management Inc. boosted its stake in shares of Eaton Co. plc (NYSE:ETN) by 981.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,362 shares of the industrial products company’s stock after purchasing an additional 34,815 shares during the quarter. Meeder Asset Management Inc.’s holdings in Eaton were worth $5,305,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in ETN. Oppenheimer & Co. Inc. boosted its position in shares of Eaton by 8.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 49,239 shares of the industrial products company’s stock valued at $5,916,000 after acquiring an additional 3,869 shares during the period. San Francisco Sentry Investment Group CA raised its stake in Eaton by 15.8% in the fourth quarter. San Francisco Sentry Investment Group CA now owns 1,394 shares of the industrial products company’s stock valued at $167,000 after purchasing an additional 190 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Eaton by 405.2% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 92,200 shares of the industrial products company’s stock worth $11,077,000 after acquiring an additional 73,950 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Eaton by 1.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 133,865 shares of the industrial products company’s stock worth $16,083,000 after acquiring an additional 1,366 shares in the last quarter. Finally, Creative Planning raised its stake in Eaton by 26.5% during the fourth quarter. Creative Planning now owns 56,089 shares of the industrial products company’s stock worth $6,739,000 after acquiring an additional 11,742 shares in the last quarter. 77.88% of the stock is owned by hedge funds and other institutional investors.
ETN has been the subject of several recent research reports. Zacks Investment Research downgraded Eaton from a “buy” rating to a “hold” rating and set a $150.00 price objective for the company. in a research note on Tuesday, April 6th. Oppenheimer upped their price objective on Eaton from $133.00 to $145.00 in a research note on Tuesday, March 2nd. Barclays increased their target price on shares of Eaton from $115.00 to $125.00 and gave the company an “underweight” rating in a research report on Tuesday, April 6th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price target on shares of Eaton from $142.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, March 31st. Finally, Berenberg Bank upgraded shares of Eaton from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a report on Monday, March 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $136.94.
Shares of NYSE:ETN traded down $0.91 during midday trading on Tuesday, reaching $143.45. The company had a trading volume of 30,203 shares, compared to its average volume of 2,253,211. The company’s 50 day moving average price is $139.77 and its 200 day moving average price is $125.13. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap of $57.15 billion, a P/E ratio of 42.09, a P/E/G ratio of 2.34 and a beta of 1.12. Eaton Co. plc has a 52-week low of $70.54 and a 52-week high of $145.95.
Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, May 4th. The industrial products company reported $1.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.19. The company had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.53 billion. Eaton had a net margin of 7.53% and a return on equity of 11.94%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.09 EPS. Research analysts forecast that Eaton Co. plc will post 4.17 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 28th. Investors of record on Friday, May 14th will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Thursday, May 13th. Eaton’s dividend payout ratio is currently 53.62%.
Eaton Company Profile
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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