Eaton Co. plc (NYSE:ETN) Shares Sold by Westpac Banking Corp

Westpac Banking Corp cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 26.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 672 shares of the industrial products company’s stock after selling 240 shares during the period. Westpac Banking Corp’s holdings in Eaton were worth $223,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new stake in Eaton during the 4th quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the fourth quarter worth approximately $30,000. Groupama Asset Managment increased its stake in shares of Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after buying an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN boosted its stake in Eaton by 321.7% during the 4th 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 last quarter. Finally, Morse Asset Management Inc acquired a new position in Eaton during the 3rd quarter worth $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Down 5.6 %

Shares of NYSE:ETN opened at $246.36 on Friday. Eaton Co. plc has a twelve month low of $236.58 and a twelve month high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market cap of $96.52 billion, a P/E ratio of 25.93, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a 50 day moving average of $296.43 and a 200-day moving average of $330.00.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 period in the prior year, the business earned $2.55 earnings per share. As a group, analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current fiscal 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 given a $1.04 dividend. The ex-dividend date of this dividend was Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.69%. Eaton’s payout ratio is 43.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Barclays reduced their target price on Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a report on Friday. Wells Fargo & Company lowered their price target on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective on the stock in a research note on Wednesday, March 12th. Finally, Citigroup dropped their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $356.68.

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.