Capital World Investors Sells 1,127,023 Shares of Eaton Co. plc (NYSE:ETN)

by · The Cerbat Gem

Capital World Investors cut its holdings in Eaton Co. plc (NYSE:ETN – Free Report) by 21.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,085,154 shares of the industrial products company’s stock after selling 1,127,023 shares during the period. Capital World Investors’ holdings in Eaton were worth $1,355,740,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ETN. Flagship Wealth Advisors LLC bought a new stake in Eaton during the fourth quarter worth approximately $27,000. Noble Wealth Management PBC bought a new position in Eaton in the 4th quarter worth $30,000. Horizon Bancorp Inc. IN boosted its holdings in Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 74 shares during the period. Morse Asset Management Inc bought a new position in shares of Eaton in the third quarter worth about $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the 4th quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

Shares of ETN opened at $268.15 on Friday. The stock has a market cap of $105.05 billion, a P/E ratio of 28.23, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The stock’s 50-day moving average price is $284.95 and its two-hundred day moving average price is $325.22. 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 (NYSE:ETN – Get Free Report) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS 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 period in the prior year, the firm earned $2.55 earnings per share. On average, equities analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently declared 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. This represents a $4.16 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Monday, March 10th. Eaton’s dividend payout ratio is 43.79%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ETN shares. Barclays cut their price target on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a report on Friday, April 4th. JPMorgan Chase & Co. cut their price objective on shares of Eaton from $350.00 to $289.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Melius cut 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. Wells Fargo & Company lowered their price objective on 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, Royal Bank of Canada lowered their price target on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $350.22.

Check Out Our Latest Research Report on Eaton

Eaton Company Profile

(Free Report)

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.

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