AMF Tjanstepension AB Raises Stock Position in Eaton Co. plc (NYSE:ETN)

AMF Tjanstepension AB boosted its position in shares of Eaton Co. plc (NYSE:ETN – Get Rating) by 113.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 832,080 shares of the industrial products company’s stock after buying an additional 442,346 shares during the quarter. Eaton makes up 0.9% of AMF Tjanstepension AB’s holdings, making the stock its 23rd biggest position. AMF Tjanstepension AB owned about 0.21% of Eaton worth $126,276,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. Norges Bank acquired a new stake in Eaton during the fourth quarter valued at $1,235,314,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Eaton during the first quarter valued at $302,564,000. Pictet Asset Management SA grew its position in shares of Eaton by 404.1% in the fourth quarter. Pictet Asset Management SA now owns 1,876,676 shares of the industrial products company’s stock valued at $324,327,000 after purchasing an additional 1,504,415 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Eaton by 15.0% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,455,308 shares of the industrial products company’s stock valued at $592,309,000 after purchasing an additional 451,727 shares during the period. Finally, Clean Energy Transition LLP acquired a new stake in shares of Eaton in the fourth quarter valued at about $76,586,000. Institutional investors and hedge funds own 79.10% of the company’s stock.

Insider Transactions at Eaton

In related news, insider Boise April Miller sold 12,283 shares of the stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $138.66, for a total value of $1,703,160.78. Following the sale, the insider now directly owns 11,435 shares of the company’s stock, valued at approximately $1,585,577.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on ETN shares. Wells Fargo & Company dropped their target price on shares of Eaton from $142.00 to $139.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 12th. Morgan Stanley reduced their target price on shares of Eaton from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 31st. Citigroup reduced their target price on shares of Eaton from $180.00 to $150.00 in a research note on Thursday, July 7th. Mizuho reduced their target price on shares of Eaton from $185.00 to $145.00 and set a “buy” rating on the stock in a research note on Monday, July 18th. Finally, StockNews.com raised shares of Eaton from a “hold” rating to a “buy” rating in a research note on Friday, July 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $160.73.

Eaton Stock Performance

ETN stock traded up $4.11 on Thursday, hitting $145.78. The company’s stock had a trading volume of 62,357 shares, compared to its average volume of 1,506,239. The firm has a 50 day moving average of $132.86 and a two-hundred day moving average of $145.17. Eaton Co. plc has a 1 year low of $122.50 and a 1 year high of $175.72. The stock has a market cap of $58.17 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 1.69 and a beta of 1.15. The company has a current ratio of 0.99, a quick ratio of 0.59 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN – Get Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The industrial products company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.02. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.78 billion. Eaton had a net margin of 11.21% and a return on equity of 16.92%. Eaton’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.44 EPS. Equities analysts predict that Eaton Co. plc will post 7.47 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Stockholders of record on Friday, August 12th will be paid a dividend of $0.81 per share. The ex-dividend date is Thursday, August 11th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.22%. Eaton’s dividend payout ratio (DPR) is presently 58.59%.

About Eaton

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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.