Eaton Co. plc (NYSE:ETN) Stock Position Raised by Rafferty Asset Management LLC

Rafferty Asset Management LLC lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 9.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,587 shares of the industrial products company’s stock after buying an additional 3,253 shares during the period. Rafferty Asset Management LLC’s holdings in Eaton were worth $12,474,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in Eaton in the 4th quarter worth about $1,495,582,000. Capital International Investors bought a new position in Eaton in the 4th quarter worth about $523,541,000. Proficio Capital Partners LLC grew its position in Eaton by 42,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after purchasing an additional 730,594 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new position in Eaton in the 4th quarter worth about $231,552,000. Finally, Janus Henderson Group PLC grew its position in Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock worth $998,144,000 after purchasing an additional 588,370 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ETN. BNP Paribas Exane began coverage on shares of Eaton in a research report on Thursday. They issued an “outperform” rating and a $380.00 target price for the company. StockNews.com cut shares of Eaton from a “buy” rating to a “hold” rating in a research report on Saturday, May 10th. Melius Research reaffirmed a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Morgan Stanley reduced their price target on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Finally, Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a research note on Tuesday, January 28th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $366.56.

Eaton Stock Up 0.8%

ETN stock opened at $329.40 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market cap of $128.89 billion, a PE ratio of 34.67, a P/E/G ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99. The firm has a 50 day simple moving average of $287.40 and a 200 day simple moving average of $319.71.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 earnings per share. Equities research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be issued a $1.04 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.26%. Eaton’s payout ratio is currently 41.98%.

Insider Activity

In other Eaton news, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider now owns 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

About Eaton

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.