American Century Companies Inc. lessened its position in shares of Eaton Co. PLC (NYSE:ETN) by 22.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,169,906 shares of the industrial products company’s stock after selling 623,046 shares during the quarter. American Century Companies Inc. owned 0.50% of Eaton worth $148,986,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Oregon Public Employees Retirement Fund raised its holdings in shares of Eaton by 8,639.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,674,949 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 9,564,240 shares during the last quarter. Norges Bank acquired a new stake in shares of Eaton in the fourth quarter valued at approximately $524,126,000. BlackRock Inc. increased its holdings in shares of Eaton by 6.7% in the fourth quarter. BlackRock Inc. now owns 31,171,908 shares of the industrial products company’s stock valued at $2,140,263,000 after purchasing an additional 1,955,724 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Eaton by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 6,820,730 shares of the industrial products company’s stock valued at $591,563,000 after purchasing an additional 586,855 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Eaton in the third quarter valued at approximately $49,250,000. Hedge funds and other institutional investors own 78.15% of the company’s stock.
Eaton stock traded down $0.25 during midday trading on Wednesday, reaching $85.34. The company’s stock had a trading volume of 1,361,025 shares, compared to its average volume of 2,514,925. Eaton Co. PLC has a fifty-two week low of $64.46 and a fifty-two week high of $89.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.93. The stock has a market cap of $36.15 billion, a PE ratio of 15.83, a P/E/G ratio of 1.57 and a beta of 1.48.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Thursday, May 2nd. Eaton’s dividend payout ratio (DPR) is currently 52.69%.
In other news, insider Curtis J. Hutchins sold 12,000 shares of Eaton stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $80.60, for a total transaction of $967,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Nandakumar Cheruvatath sold 9,992 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $80.20, for a total value of $801,358.40. Following the transaction, the insider now directly owns 14,569 shares in the company, valued at approximately $1,168,433.80. The disclosure for this sale can be found here. Insiders have sold 73,214 shares of company stock worth $5,709,455 in the last quarter. Insiders own 0.70% of the company’s stock.
Several equities research analysts recently commented on the company. Zacks Investment Research cut Eaton from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. Credit Suisse Group reiterated an “outperform” rating and issued a $80.00 price objective (down from $85.00) on shares of Eaton in a research report on Thursday, January 3rd. Barclays lowered their price objective on Eaton from $75.00 to $73.00 and set an “underweight” rating for the company in a research report on Monday, January 7th. Vertical Research upgraded Eaton from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Finally, Wells Fargo & Co raised their price target on Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $86.80.
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Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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