Meadow Creek Investment Management LLC grew its stake in Eaton Co., PLC (NYSE:ETN) by 31.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 115,056 shares of the industrial products company’s stock after purchasing an additional 27,370 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Eaton were worth $9,091,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of ETN. Nationwide Fund Advisors increased its stake in shares of Eaton by 3.0% in the 3rd quarter. Nationwide Fund Advisors now owns 466,338 shares of the industrial products company’s stock worth $35,810,000 after acquiring an additional 13,419 shares in the last quarter. Jarislowsky Fraser Ltd bought a new position in shares of Eaton in the 3rd quarter worth about $252,000. Rhumbline Advisers increased its stake in shares of Eaton by 0.4% in the 3rd quarter. Rhumbline Advisers now owns 779,539 shares of the industrial products company’s stock worth $59,861,000 after acquiring an additional 3,338 shares in the last quarter. Lowe Brockenbrough & Co. Inc. increased its stake in shares of Eaton by 14.7% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 90,697 shares of the industrial products company’s stock worth $6,965,000 after acquiring an additional 11,655 shares in the last quarter. Finally, Edge Advisors LLC increased its stake in shares of Eaton by 8.1% in the 3rd quarter. Edge Advisors LLC now owns 133,978 shares of the industrial products company’s stock worth $10,287,000 after acquiring an additional 10,085 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company’s stock.
Shares of Eaton Co., PLC (ETN) opened at $81.28 on Wednesday. The firm has a market cap of $35,780.00, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.96 and a beta of 1.36. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.13 and a current ratio of 1.64. Eaton Co., PLC has a 12 month low of $69.82 and a 12 month high of $89.85.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Monday, March 12th will be paid a dividend of $0.66 per share. This is a positive change from Eaton’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Friday, March 9th. Eaton’s dividend payout ratio (DPR) is currently 39.34%.
Several brokerages recently issued reports on ETN. UBS Group began coverage on shares of Eaton in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $87.00 price target for the company. Zacks Investment Research lowered shares of Eaton from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Bank of America upgraded shares of Eaton from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $81.03 to $85.00 in a research note on Thursday, March 8th. JPMorgan Chase & Co. upgraded shares of Eaton from an “underweight” rating to a “neutral” rating and set a $82.00 price target for the company in a research note on Thursday, March 1st. Finally, Jefferies Group reiterated a “hold” rating and issued a $90.00 price target on shares of Eaton in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $88.20.
In other Eaton news, insider Ken D. Semelsberger sold 15,595 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $82.67, for a total transaction of $1,289,238.65. Following the completion of the sale, the insider now directly owns 104,613 shares in the company, valued at approximately $8,648,356.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.80% of the stock is currently owned by company insiders.
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Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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