Jennison Associates LLC Has $1.46 Billion Stake in Eaton Co. plc (NYSE:ETN)

Jennison Associates LLC trimmed its stake in Eaton Co. plc (NYSE:ETN) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,390,749 shares of the industrial products company’s stock after selling 309,195 shares during the period. Eaton comprises approximately 0.9% of Jennison Associates LLC’s investment portfolio, making the stock its 26th biggest position. Jennison Associates LLC’s holdings in Eaton were worth $1,455,270,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Breakwater Investment Management increased its holdings in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. acquired a new stake in Eaton during the 2nd quarter worth about $29,000. LGT Financial Advisors LLC acquired a new stake in Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC acquired a new stake in Eaton during the 3rd quarter worth about $35,000. Finally, DT Investment Partners LLC acquired a new stake in Eaton during the 3rd quarter worth about $37,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on ETN shares. Barclays decreased their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. UBS Group started coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective on the stock. Sanford C. Bernstein started coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective on the stock. Finally, Bank of America increased their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $357.83.

Eaton Stock Up 1.6 %

Eaton stock opened at $363.66 on Wednesday. Eaton Co. plc has a 1-year low of $224.52 and a 1-year high of $373.49. The firm has a market capitalization of $143.72 billion, a price-to-earnings ratio of 38.69, a P/E/G ratio of 2.85 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a 50 day simple moving average of $338.69 and a 200 day simple moving average of $322.04.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the previous year, the business earned $2.47 EPS. Eaton’s revenue was up 7.9% compared to the same quarter last year. On average, analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.03%. Eaton’s dividend payout ratio is 40.00%.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The trade was a 44.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,705 shares of company stock worth $24,516,346. Corporate insiders own 0.33% 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.