Teacher Retirement System of Texas lessened its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 39.6% during the 1st quarter, HoldingsChannel reports. The fund owned 255,623 shares of the industrial products company’s stock after selling 167,513 shares during the period. Teacher Retirement System of Texas’ holdings in Eaton were worth $20,593,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of ETN. Nordea Investment Management AB purchased a new stake in Eaton in the third quarter valued at $11,970,000. Morgan Stanley raised its holdings in shares of Eaton by 6.4% in the third quarter. Morgan Stanley now owns 4,737,065 shares of the industrial products company’s stock valued at $410,845,000 after buying an additional 285,824 shares during the last quarter. Vanguard Group Inc raised its holdings in shares of Eaton by 0.5% in the third quarter. Vanguard Group Inc now owns 31,765,973 shares of the industrial products company’s stock valued at $2,755,064,000 after buying an additional 150,330 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of Eaton by 8.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 92,688 shares of the industrial products company’s stock valued at $6,363,000 after buying an additional 6,828 shares during the last quarter. Finally, Virtu Financial LLC raised its holdings in shares of Eaton by 205.5% in the fourth quarter. Virtu Financial LLC now owns 14,485 shares of the industrial products company’s stock valued at $995,000 after buying an additional 9,744 shares during the last quarter. 80.07% of the stock is currently owned by hedge funds and other institutional investors.
NYSE ETN traded up $0.64 during trading hours on Thursday, hitting $80.18. 27,468 shares of the stock were exchanged, compared to its average volume of 2,505,689. The stock has a market capitalization of $33.21 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.52 and a beta of 1.47. Eaton Co. PLC has a 12-month low of $64.46 and a 12-month high of $89.46. The company has a quick ratio of 0.92, a current ratio of 1.47 and a debt-to-equity ratio of 0.42.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 3rd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $2.84 annualized dividend and a yield of 3.54%. Eaton’s dividend payout ratio is currently 52.69%.
In related news, Director Dorothy C. Thompson bought 1,655 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $78.54 per share, for a total transaction of $129,983.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard H. Fearon sold 1,335 shares of the company’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $80.19, for a total transaction of $107,053.65. The disclosure for this sale can be found here. Insiders have sold 30,589 shares of company stock valued at $2,465,553 over the last three months. 0.70% of the stock is currently owned by corporate insiders.
A number of brokerages have recently commented on ETN. Bank of America cut shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a report on Thursday, April 4th. Wells Fargo & Co upped their target price on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. Vertical Research raised shares of Eaton from a “hold” rating to a “buy” rating in a report on Monday, March 4th. Morgan Stanley set a $82.00 target price on shares of Eaton and gave the company a “hold” rating in a report on Saturday, February 2nd. Finally, Robert W. Baird set a $89.00 target price on shares of Eaton and gave the company a “buy” rating in a report on Saturday, February 2nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $86.79.
Eaton Company Profile
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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