Asset Management One Co. Ltd. Reduces Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Asset Management One Co. Ltd. trimmed its position in Eaton Corporation, PLC (NYSE:ETN) by 2.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 178,382 shares of the industrial products company’s stock after selling 4,308 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Eaton were worth $48,490,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Eaton by 0.3% in 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 buying an additional 99,291 shares during the period. FMR LLC lifted its holdings in shares of Eaton by 1.2% in the 4th 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 period. Geode Capital Management LLC lifted its holdings in shares of Eaton by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after buying an additional 129,071 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after buying an additional 192,482 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after buying an additional 368,241 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the sale, the insider now owns 489,444 shares of the company’s stock, valued at $149,490,880.92. The trade was a 9.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider now owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. BNP Paribas began coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target for the company. KeyCorp boosted their price target on Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Jefferies Financial Group reduced their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Finally, BNP Paribas Exane began coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target for the company. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $368.78.

Eaton Stock Up 3.2%

Eaton stock opened at $343.55 on Wednesday. The firm has a market cap of $134.43 billion, a price-to-earnings ratio of 34.67, a price-to-earnings-growth ratio of 2.58 and a beta of 1.16. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99. The business’s 50-day moving average price is $313.24 and its 200 day moving average price is $312.76. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the company earned $2.40 earnings per share. Eaton’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s payout ratio is currently 41.98%.

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.