Gladstone Capital Management LLP Invests $73.19 Million in Eaton Co. plc (NYSE:ETN)

Gladstone Capital Management LLP purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 220,536 shares of the industrial products company’s stock, valued at approximately $73,189,000. Eaton comprises 6.1% of Gladstone Capital Management LLP’s portfolio, making the stock its 9th largest holding.

Several other hedge funds have also bought and sold shares of ETN. Vanguard Group Inc. boosted its position in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after purchasing an additional 99,291 shares in the last quarter. Geode Capital Management LLC raised its stake in Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after buying an additional 129,071 shares during the last quarter. Norges Bank bought a new stake in Eaton in the fourth quarter worth $1,495,582,000. Franklin Resources Inc. grew its stake in shares of Eaton by 13.3% in the fourth quarter. Franklin Resources Inc. now owns 2,744,691 shares of the industrial products company’s stock worth $910,881,000 after acquiring an additional 323,065 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Eaton by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,255,566 shares of the industrial products company’s stock valued at $748,555,000 after acquiring an additional 37,138 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN opened at $246.36 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $96.52 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The firm’s 50 day moving average price is $296.43 and its 200-day moving average price is $330.00. Eaton Co. plc has a twelve month low of $236.58 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping 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 EPS. Equities research analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.69%. The ex-dividend date was Monday, March 10th. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s payout ratio is currently 43.79%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. KeyCorp upgraded shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target on the stock in a research note on Wednesday, March 12th. Barclays cut their price target on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a report on Friday. StockNews.com lowered shares of Eaton from a “buy” rating to a “hold” rating in a report on Friday, March 21st. JPMorgan Chase & Co. cut their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada decreased their price target on Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $356.68.

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.