State of Michigan Retirement System Has $35.60 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

State of Michigan Retirement System reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 107,256 shares of the industrial products company’s stock after selling 1,200 shares during the period. State of Michigan Retirement System’s holdings in Eaton were worth $35,595,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ETN. HFR Wealth Management LLC raised its holdings in shares of Eaton by 6.8% in the 4th quarter. HFR Wealth Management LLC now owns 1,409 shares of the industrial products company’s stock worth $468,000 after buying an additional 90 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in Eaton by 6.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 142,552 shares of the industrial products company’s stock valued at $47,309,000 after acquiring an additional 9,179 shares during the period. Schechter Investment Advisors LLC raised its stake in Eaton by 2.2% during the fourth quarter. Schechter Investment Advisors LLC now owns 3,421 shares of the industrial products company’s stock worth $1,135,000 after acquiring an additional 75 shares in the last quarter. Meridian Wealth Management LLC lifted its holdings in shares of Eaton by 48.2% during the fourth quarter. Meridian Wealth Management LLC now owns 2,971 shares of the industrial products company’s stock valued at $986,000 after acquiring an additional 966 shares during the period. Finally, Mission Wealth Management LP boosted its stake in shares of Eaton by 4.5% in the 4th quarter. Mission Wealth Management LP now owns 5,017 shares of the industrial products company’s stock valued at $1,665,000 after purchasing an additional 218 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of ETN stock opened at $277.71 on Tuesday. The firm’s 50 day moving average price is $325.70 and its two-hundred day moving average price is $332.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton Co. plc has a 52-week low of $255.65 and a 52-week high of $379.99. The stock has a market cap of $109.75 billion, a PE ratio of 29.23, a PEG ratio of 2.64 and a beta of 1.05.

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

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.50%. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. Eaton’s dividend payout ratio (DPR) is currently 43.79%.

Insider Buying and Selling

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.53% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ETN. Barclays dropped their target price on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research report on Monday. Evercore ISI cut their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Finally, UBS Group assumed coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $364.65.

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.