Eaton Co. plc (NYSE:ETN) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 368,533 shares of the industrial products company’s stock after selling 1,341 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Eaton were worth $122,305,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC bought a new position in shares of Eaton during the fourth quarter worth about $27,000. Noble Wealth Management PBC bought a new position in Eaton in the 4th quarter worth about $30,000. Horizon Bancorp Inc. IN raised its holdings in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after buying an additional 74 shares during the last quarter. Morse Asset Management Inc acquired a new position in shares of Eaton during the third quarter worth approximately $33,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in Eaton in the 4th quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ETN shares. Melius Research reissued a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a research note on Tuesday, January 28th. Citigroup reduced their price target on shares of Eaton from $396.00 to $323.00 and set a “buy” rating for the company in a research note on Monday. Royal Bank of Canada lowered their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Finally, Barclays decreased their price target on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research note on Friday, April 4th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $350.22.

Eaton Stock Performance

NYSE:ETN opened at $268.15 on Friday. The stock has a market capitalization of $105.05 billion, a P/E ratio of 28.23, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The firm has a 50 day moving average of $285.92 and a 200-day moving average of $325.65.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the prior year, the business posted $2.55 earnings per share. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.55%. The ex-dividend date was Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Eaton 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.