Vestcor Inc Has $2.44 Million Stake in Eaton Co. plc (NYSE:ETN)

Vestcor Inc reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,365 shares of the industrial products company’s stock after selling 453 shares during the quarter. Vestcor Inc’s holdings in Eaton were worth $2,444,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ETN. Noble Wealth Management PBC acquired a new stake in shares of Eaton during the 4th quarter valued at $30,000. Groupama Asset Managment raised its holdings 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 acquiring an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN boosted its position in Eaton by 321.7% during 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 last quarter. Morse Asset Management Inc purchased a new position in Eaton in the third quarter valued at about $33,000. Finally, Activest Wealth Management raised its stake in shares of Eaton by 621.4% during the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 87 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

NYSE:ETN opened at $294.53 on Friday. The company has a market capitalization of $115.45 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.64 and a beta of 1.09. The company has a 50-day moving average of $316.31 and a 200-day moving average of $331.29. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. 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 (NYSE:ETN) last released its quarterly earnings data 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the business earned $2.55 EPS. As a group, equities research analysts anticipate 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 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 yield of 1.41%. The ex-dividend date of this dividend is Monday, March 10th. Eaton’s dividend payout ratio is currently 43.79%.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent research reports. Jefferies Financial Group lowered their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Citigroup reduced their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Evercore ISI lowered their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Finally, KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target for the company in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $356.20.

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.