State of Tennessee Department of Treasury Has $45.52 Million Position in Eaton Co. plc (NYSE:ETN)

State of Tennessee Department of Treasury trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 137,168 shares of the industrial products company’s stock after selling 6,137 shares during the period. State of Tennessee Department of Treasury’s holdings in Eaton were worth $45,522,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ETN. Norges Bank bought a new position in Eaton during the fourth quarter worth about $1,495,582,000. Capital International Investors bought a new stake in Eaton in the fourth quarter valued at approximately $523,541,000. Proficio Capital Partners LLC boosted its stake in shares of Eaton by 42,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after acquiring an additional 730,594 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its stake in Eaton by 390.7% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 539,673 shares of the industrial products company’s stock valued at $193,421,000 after acquiring an additional 429,701 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in Eaton by 3,508.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company’s stock worth $133,321,000 after purchasing an additional 390,595 shares during the period. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $259.69 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The company has a market cap of $101.74 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a 50 day moving average of $283.94 and a 200-day moving average of $324.69. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 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 earnings per share. As a group, equities research analysts forecast 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 was paid on Friday, March 28th. Investors of record on Monday, March 10th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.60%. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. Eaton’s dividend payout ratio is currently 43.79%.

Analyst Ratings Changes

ETN has been the subject of a number of research reports. StockNews.com cut shares of Eaton from a “buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. cut their price objective on shares of Eaton from $350.00 to $289.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Melius Research reaffirmed a “hold” rating and issued a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. KeyCorp dropped their price target on Eaton from $340.00 to $325.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Royal Bank of Canada decreased their price objective on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus target price of $350.22.

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.