KLP Kapitalforvaltning AS Purchases Shares of 141,189 Eaton Co. plc (NYSE:ETN)

KLP Kapitalforvaltning AS purchased a new stake in Eaton Co. plc (NYSE:ETN) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 141,189 shares of the industrial products company’s stock, valued at approximately $46,856,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC purchased a new position in Eaton in the 4th quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new position in Eaton in the 4th quarter valued at approximately $30,000. Horizon Bancorp Inc. IN boosted its position in Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after buying an additional 74 shares during the period. Morse Asset Management Inc acquired a new stake in shares of Eaton in the 3rd quarter valued at $33,000. Finally, Activest Wealth Management raised its holdings in shares of Eaton by 621.4% in the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada reduced their price objective 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. Melius Research reiterated a “hold” rating and set a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Wells Fargo & Company cut their price target on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $357.68.

Eaton Stock Up 0.1 %

Shares of NYSE:ETN opened at $295.88 on Friday. The company has a market cap of $115.92 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The firm’s 50-day simple moving average is $311.30 and its 200-day simple moving average is $331.08. 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 released 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 net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the prior year, the company earned $2.55 EPS. As a group, equities research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

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

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.