DnB Asset Management AS Grows Stock Holdings in Eaton Co. plc (NYSE:ETN)

DnB Asset Management AS raised its holdings in Eaton Co. plc (NYSE:ETN) by 3.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 109,778 shares of the industrial products company’s stock after purchasing an additional 3,784 shares during the quarter. DnB Asset Management AS’s holdings in Eaton were worth $36,432,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new stake in Eaton in the fourth quarter valued at $30,000. Groupama Asset Managment grew its stake in shares of Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after buying an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN boosted its holdings in Eaton by 321.7% in 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 period. Finally, Morse Asset Management Inc acquired a new stake in Eaton in the third quarter valued at $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the subject of a number of research analyst reports. Citigroup lowered their price target on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a report on Monday, January 13th. Melius Research restated a “hold” rating and set a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Evercore ISI decreased their price objective on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. JPMorgan Chase & Co. cut their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Finally, KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price for the company in a report on Wednesday, March 12th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $357.16.

Eaton Stock Performance

Shares of Eaton stock opened at $281.04 on Friday. The firm has a market cap of $110.10 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The stock’s 50-day moving average is $307.35 and its 200-day moving average is $331.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (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 company posted $2.55 EPS. Equities analysts predict 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. Stockholders of record on Monday, March 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 1.48%. Eaton’s dividend payout ratio is presently 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.