New Mexico Educational Retirement Board Acquires 2,400 Shares of Eaton Co. plc (NYSE:ETN)

New Mexico Educational Retirement Board lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 11.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 23,160 shares of the industrial products company’s stock after acquiring an additional 2,400 shares during the period. New Mexico Educational Retirement Board’s holdings in Eaton were worth $7,242,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mutual Advisors LLC lifted its holdings in Eaton by 3.1% during the 3rd quarter. Mutual Advisors LLC now owns 2,358 shares of the industrial products company’s stock valued at $503,000 after purchasing an additional 71 shares during the last quarter. Mather Group LLC. lifted its holdings in Eaton by 12.7% during the 3rd quarter. Mather Group LLC. now owns 3,090 shares of the industrial products company’s stock valued at $659,000 after purchasing an additional 347 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in Eaton in the 3rd quarter valued at about $4,814,000. Toronto Dominion Bank acquired a new stake in Eaton in the 3rd quarter valued at about $42,366,000. Finally, Morningstar Investment Services LLC acquired a new stake in Eaton in the 3rd quarter valued at about $239,000. 82.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. HSBC raised their price objective on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Wolfe Research reiterated an “underperform” rating and set a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. The Goldman Sachs Group lifted their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Bank of America lifted their price target on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $318.06.

Eaton Stock Down 0.1 %

ETN traded down $0.39 during trading on Friday, reaching $313.55. The company had a trading volume of 2,557,711 shares, compared to its average volume of 2,258,211. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The business’s fifty day moving average price is $325.35 and its 200 day moving average price is $292.72. The company has a market cap of $125.36 billion, a P/E ratio of 37.02, a PEG ratio of 2.62 and a beta of 1.04.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Equities analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

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.