Maryland State Retirement & Pension System Has $7.47 Million Position in Eaton Co. plc (NYSE:ETN)

Maryland State Retirement & Pension System raised its position in shares of Eaton Co. plc (NYSE:ETN) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,002 shares of the industrial products company’s stock after acquiring an additional 330 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Eaton were worth $7,466,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Tennessee Valley Asset Management Partners bought a new position in Eaton in the 4th quarter valued at about $25,000. Valued Wealth Advisors LLC purchased a new position in Eaton during the fourth quarter valued at $35,000. Chilton Capital Management LLC purchased a new stake in shares of Eaton in the fourth quarter worth $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Eaton in the 3rd quarter worth about $39,000. Finally, Fortitude Family Office LLC bought a new position in Eaton in the 4th quarter worth about $46,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of ETN traded up $6.90 during mid-day trading on Monday, reaching $327.40. 1,296,563 shares of the company’s stock were exchanged, compared to its average volume of 2,028,111. The business’s fifty day simple moving average is $309.54 and its 200-day simple moving average is $263.61. Eaton Co. plc has a 52-week low of $165.24 and a 52-week high of $333.05. The stock has a market capitalization of $130.89 billion, a PE ratio of 38.65, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. 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 (NYSE:ETN) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. On average, equities research analysts expect that Eaton Co. plc will post 10.45 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.15%. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Insiders Place Their Bets

In other news, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,969 shares of company stock worth $10,904,774. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

ETN has been the subject of several research analyst reports. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Mizuho restated a “buy” rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. The Goldman Sachs Group upped their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. HSBC boosted their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Berenberg Bank increased their price target on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $314.27.

About Eaton

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.