Mitsubishi UFJ Trust & Banking Corp Cuts Holdings in Eaton Co. plc (NYSE:ETN)

Mitsubishi UFJ Trust & Banking Corp reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 17.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,245 shares of the industrial products company’s stock after selling 49,076 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.06% of Eaton worth $79,730,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the 4th quarter worth $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton in the fourth quarter valued at about $30,000. Groupama Asset Managment increased its stake in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN raised its position in shares of Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares during the last quarter. Finally, Morse Asset Management Inc purchased a new position in Eaton in the 3rd quarter valued at about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of Eaton stock opened at $300.11 on Wednesday. The firm has a market cap of $117.57 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The business’s fifty day simple moving average is $309.76 and its 200-day simple moving average is $331.90. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the previous year, the firm earned $2.55 earnings per share. Equities analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a dividend of $1.04 per share. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Monday, March 10th. Eaton’s dividend payout ratio (DPR) is currently 43.79%.

Analyst Ratings Changes

A number of equities analysts have commented on ETN shares. Wells Fargo & Company reduced their target price on Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Royal Bank of Canada reduced their price objective on Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Melius Research reaffirmed a “hold” rating and set a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. StockNews.com cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Finally, Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a research report on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $357.68.

Eaton 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.