Eaton Co. plc (NYSE:ETN) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its holdings in Eaton Co. plc (NYSE:ETN) by 4.3% during the fourth quarter, HoldingsChannel reports. The fund owned 125,376 shares of the industrial products company’s stock after buying an additional 5,152 shares during the period. Teacher Retirement System of Texas’ holdings in Eaton were worth $41,609,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new stake in Eaton in the fourth quarter valued at approximately $30,000. Groupama Asset Managment raised its position in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares during the period. Horizon Bancorp Inc. IN raised its position in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares during the period. Finally, Morse Asset Management Inc purchased a new stake in Eaton in the third quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of ETN stock opened at $295.34 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The company has a market cap of $115.71 billion, a P/E ratio of 31.09, a PEG ratio of 2.64 and a beta of 1.09. The firm has a fifty day moving average price of $312.21 and a 200 day moving average price of $331.15.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the prior year, the firm earned $2.55 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio is currently 43.79%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ETN shares. Royal Bank of Canada cut their target price on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price on the stock in a research report on Wednesday, March 12th. Jefferies Financial Group cut their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. JPMorgan Chase & Co. cut their price objective on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Wells Fargo & Company cut their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $357.68.

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.