PDT Partners LLC Sells 10,003 Shares of Eaton Co. plc (NYSE:ETN)

PDT Partners LLC lessened its stake in Eaton Co. plc (NYSE:ETN) by 53.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,700 shares of the industrial products company’s stock after selling 10,003 shares during the quarter. PDT Partners LLC’s holdings in Eaton were worth $2,887,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Eaton by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after purchasing an additional 99,291 shares during the last quarter. FMR LLC increased its position in Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after buying an additional 182,455 shares during the last quarter. Geode Capital Management LLC raised its stake in Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after buying an additional 129,071 shares during the period. Northern Trust Corp raised its stake in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after buying an additional 368,241 shares during the period. Finally, Norges Bank acquired a new stake in shares of Eaton in the fourth quarter valued at approximately $1,495,582,000. 82.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on ETN. Evercore ISI dropped their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Barclays dropped their price objective on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a research report on Friday, April 4th. Citigroup reduced their target price on shares of Eaton from $396.00 to $323.00 and set a “buy” rating for the company in a report on Monday, April 14th. Wells Fargo & Company lowered their price target on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, StockNews.com upgraded Eaton from a “hold” rating to a “buy” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $350.22.

Eaton Stock Up 1.2 %

Shares of ETN opened at $291.12 on Wednesday. The firm has a 50 day simple moving average of $280.76 and a two-hundred day simple moving average of $322.52. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a one year low of $231.85 and a one year high of $379.99. The company has a market cap of $114.05 billion, a P/E ratio of 30.64, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 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 company posted $2.55 earnings per share. Research analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

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.