Eaton Co. plc (NYSE:ETN) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its holdings in Eaton Co. plc (NYSE:ETN) by 13.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,639,104 shares of the industrial products company’s stock after selling 248,932 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Eaton were worth $543,969,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in ETN. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Eaton by 48.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after acquiring an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. purchased a new position in Eaton during the fourth quarter worth approximately $297,000. Webster Bank N. A. boosted its holdings in shares of Eaton by 52.4% in the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after purchasing an additional 6,166 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Eaton by 9.3% during the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after buying an additional 790 shares during the period. Finally, Blue Trust Inc. increased its holdings in shares of Eaton by 13.2% during the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after buying an additional 1,694 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

Shares of NYSE ETN opened at $281.04 on Friday. The business has a 50 day moving average price of $307.35 and a two-hundred day moving average price of $331.22. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The firm has a market cap of $110.10 billion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. 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 issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping 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 period last year, the firm earned $2.55 earnings per share. Sell-side analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business 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 boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.48%. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. KeyCorp upgraded Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price on the stock in a report on Wednesday, March 12th. StockNews.com cut Eaton from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Royal Bank of Canada cut their price target on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. decreased their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a research note on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $357.16.

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.