State of Michigan Retirement System Grows Position in Eaton Co. plc (NYSE:ETN)

State of Michigan Retirement System increased its position in shares of Eaton Co. plc (NYSE:ETNGet Rating) by 0.2% during the first quarter, Holdings Channel reports. The institutional investor owned 100,556 shares of the industrial products company’s stock after buying an additional 156 shares during the quarter. State of Michigan Retirement System’s holdings in Eaton were worth $15,260,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ETN. Norges Bank purchased a new position in Eaton in the fourth quarter valued at approximately $1,235,314,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Eaton in the first quarter valued at approximately $302,564,000. Pictet Asset Management SA increased its stake in 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 last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in 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 last quarter. Finally, Clean Energy Transition LLP purchased a new position in Eaton in the fourth quarter valued at approximately $76,586,000. 79.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eaton

In related news, insider Boise April Miller sold 12,283 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $138.66, for a total transaction of $1,703,160.78. Following the transaction, the insider now owns 11,435 shares of the company’s stock, valued at $1,585,577.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Eaton Trading Up 1.8 %

NYSE:ETN opened at $141.67 on Thursday. The company has a market capitalization of $56.53 billion, a PE ratio of 25.62, a price-to-earnings-growth ratio of 1.69 and a beta of 1.15. The company has a quick ratio of 0.59, a current ratio of 0.99 and a debt-to-equity ratio of 0.41. Eaton Co. plc has a 52-week low of $122.50 and a 52-week high of $175.72. The stock has a fifty day simple moving average of $132.86 and a 200-day simple moving average of $145.17.

Eaton (NYSE:ETNGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The industrial products company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.02. Eaton had a return on equity of 16.92% and a net margin of 11.21%. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the previous year, the company posted $1.44 EPS. The business’s revenue was up 3.2% on a year-over-year basis. On average, equities research analysts expect that Eaton Co. plc will post 7.47 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Friday, August 12th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.29%. Eaton’s payout ratio is 58.59%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eaton from $178.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, July 13th. StockNews.com raised Eaton from a “hold” rating to a “buy” rating in a report on Friday, July 8th. Robert W. Baird increased their price target on Eaton from $150.00 to $155.00 in a report on Tuesday, May 3rd. Credit Suisse Group decreased their price target on Eaton from $187.00 to $179.00 in a report on Wednesday, May 4th. Finally, Barclays decreased their price target on Eaton from $120.00 to $112.00 and set an “underweight” rating for the company in a report on Friday, July 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $160.73.

Eaton Company Profile

(Get Rating)

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.

Featured Stories

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. plc (NYSE:ETNGet Rating).

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.