Prudential Financial Inc. Sells 72,422 Shares of Eaton Co. plc (NYSE:ETN)

Prudential Financial Inc. reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 39.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,072 shares of the industrial products company’s stock after selling 72,422 shares during the period. Prudential Financial Inc.’s holdings in Eaton were worth $37,193,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton in the 4th quarter worth approximately $27,000. Noble Wealth Management PBC bought a new stake in Eaton during the fourth quarter worth $30,000. Horizon Bancorp Inc. IN boosted its position in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares during the last quarter. Morse Asset Management Inc bought a new position in Eaton in the 3rd quarter valued at $33,000. Finally, Activest Wealth Management increased its position in shares of Eaton by 621.4% during the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ETN has been the subject of several research reports. Barclays reduced their price target on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. JPMorgan Chase & Co. decreased their price target on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Wells Fargo & Company dropped their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. KeyCorp raised Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price for the company in a research report on Wednesday, March 12th. Finally, StockNews.com cut Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.68.

Eaton Price Performance

Shares of NYSE:ETN opened at $300.11 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The stock has a market cap of $117.57 billion, a PE ratio of 31.59, a PEG ratio of 2.64 and a beta of 1.09. The company’s fifty day moving average is $309.76 and its 200 day moving average is $331.90. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating 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 period last year, the firm posted $2.55 earnings per share. Research analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.39%. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, March 10th. Eaton’s payout ratio is presently 43.79%.

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.