Balboa Wealth Partners Sells 224 Shares of Eaton Co. plc (NYSE:ETN)

by · The Markets Daily

Balboa Wealth Partners trimmed its holdings in Eaton Co. plc (NYSE:ETN – Free Report) by 11.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,675 shares of the industrial products company’s stock after selling 224 shares during the quarter. Balboa Wealth Partners’ holdings in Eaton were worth $556,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC grew its position in Eaton by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock worth $2,665,342,000 after purchasing an additional 56,516 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock worth $836,938,000 after acquiring an additional 316,830 shares during the period. Janus Henderson Group PLC boosted its holdings in Eaton by 32.8% during the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after purchasing an additional 597,700 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after acquiring an additional 1,629,856 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Eaton by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,255,566 shares of the industrial products company’s stock worth $748,555,000 after purchasing an additional 37,138 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research analyst reports. KeyCorp upgraded shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target on the stock in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Jefferies Financial Group lowered their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a report on Tuesday, January 28th. Finally, Melius Research reaffirmed a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $356.20.

Get Our Latest Report on ETN

Eaton Stock Down 3.0 %

Eaton stock opened at $283.16 on Friday. The company has a 50 day moving average of $317.27 and a 200-day moving average of $331.31. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a twelve month low of $255.65 and a twelve month high of $379.99. The stock has a market capitalization of $111.00 billion, a PE ratio of 29.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN – Get Free Report) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm posted $2.55 earnings per share. On average, equities research analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a $1.04 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Monday, March 10th. Eaton’s payout ratio is presently 43.79%.

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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