Geode Capital Management LLC Has $2.71 Billion Stock Position in Eaton Co. plc (NYSE:ETN)

Geode Capital Management LLC boosted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 8,198,412 shares of the industrial products company’s stock after acquiring an additional 129,071 shares during the quarter. Geode Capital Management LLC’s holdings in Eaton were worth $2,714,677,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. raised its stake in Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock valued at $13,533,000 after acquiring an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. acquired a new position in shares of Eaton in the fourth quarter valued at $297,000. Webster Bank N. A. raised its position in shares of Eaton by 52.4% in the fourth 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 period. Ballentine Partners LLC lifted 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 worth $3,072,000 after buying an additional 790 shares during the last quarter. Finally, Blue Trust Inc. boosted 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 period. Institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ETN. Melius lowered 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. Evercore ISI dropped their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Citigroup decreased their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group dropped their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Finally, StockNews.com lowered shares of Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $357.16.

Eaton Price Performance

Shares of NYSE:ETN opened at $271.98 on Tuesday. 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 firm has a market cap of $106.55 billion, a PE ratio of 28.63, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The firm’s fifty day moving average is $304.41 and its 200-day moving average is $331.44.

Eaton (NYSE:ETN) last released its earnings results 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 net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the prior year, the firm posted $2.55 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 10th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.53%. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, March 10th. 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.