Teacher Retirement System of Texas Trims Stock Position in Eaton Co. plc (NYSE:ETN)

Teacher Retirement System of Texas trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 75,237 shares of the industrial products company’s stock after selling 4,631 shares during the quarter. Teacher Retirement System of Texas’ holdings in Eaton were worth $11,234,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Eaton by 0.8% in the second quarter. Vanguard Group Inc. now owns 33,615,179 shares of the industrial products company’s stock worth $4,981,097,000 after purchasing an additional 266,642 shares during the period. Geode Capital Management LLC grew its stake in shares of Eaton by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 6,265,406 shares of the industrial products company’s stock worth $925,571,000 after buying an additional 188,279 shares during the last quarter. Boston Partners increased its position in Eaton by 1.8% during the 3rd quarter. Boston Partners now owns 6,193,635 shares of the industrial products company’s stock valued at $925,025,000 after buying an additional 109,918 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Eaton by 3.5% in the second quarter. Wells Fargo & Company MN now owns 4,039,547 shares of the industrial products company’s stock worth $598,580,000 after acquiring an additional 136,366 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Eaton by 1.7% during the second quarter. Invesco Ltd. now owns 3,363,253 shares of the industrial products company’s stock valued at $498,367,000 after acquiring an additional 57,700 shares in the last quarter. Hedge funds and other institutional investors own 77.54% of the company’s stock.

Shares of Eaton stock opened at $170.92 on Friday. The stock has a 50 day moving average of $169.57 and a 200 day moving average of $163.06. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.27. The firm has a market capitalization of $68.13 billion, a price-to-earnings ratio of 33.19, a PEG ratio of 2.10 and a beta of 1.19. Eaton Co. plc has a fifty-two week low of $114.01 and a fifty-two week high of $175.72.

Eaton (NYSE:ETN) last announced its earnings results on Monday, November 1st. The industrial products company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.02. Eaton had a net margin of 10.60% and a return on equity of 16.14%. The firm had revenue of $4.92 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the firm earned $1.18 EPS. Analysts forecast that Eaton Co. plc will post 6.63 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 30th. Shareholders of record on Friday, November 12th were paid a $0.76 dividend. The ex-dividend date was Wednesday, November 10th. This represents a $3.04 annualized dividend and a yield of 1.78%. Eaton’s dividend payout ratio is currently 59.03%.

In related news, insider Craig Arnold sold 127,559 shares of Eaton stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $171.38, for a total value of $21,861,061.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Uday Yadav sold 49,580 shares of Eaton stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $174.32, for a total value of $8,642,785.60. The disclosure for this sale can be found here. Insiders sold a total of 183,051 shares of company stock valued at $31,507,939 over the last three months. Insiders own 0.53% of the company’s stock.

A number of analysts have weighed in on ETN shares. Credit Suisse Group raised their price objective on shares of Eaton from $171.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, November 3rd. Mizuho assumed coverage on Eaton in a research report on Thursday, December 16th. They issued a “buy” rating and a $200.00 price objective on the stock. Zacks Investment Research raised Eaton from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Wednesday, January 5th. Oppenheimer upped their price target on Eaton from $175.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, November 4th. Finally, Berenberg Bank reaffirmed a “buy” rating on shares of Eaton in a report on Wednesday, October 27th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Eaton presently has a consensus rating of “Buy” and a consensus target price of $173.67.

About Eaton

Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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