TIAA Trust National Association Trims Holdings in Eaton Co. plc (NYSE:ETN)

TIAA Trust National Association cut its stake in Eaton Co. plc (NYSE:ETN) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,836 shares of the industrial products company’s stock after selling 1,073 shares during the period. TIAA Trust National Association’s holdings in Eaton were worth $30,146,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. United Bank purchased a new position in shares of Eaton during the third quarter worth approximately $258,000. Meridian Wealth Management LLC grew its stake in Eaton by 16.4% in the third quarter. Meridian Wealth Management LLC now owns 2,005 shares of the industrial products company’s stock worth $665,000 after purchasing an additional 283 shares in the last quarter. Great Valley Advisor Group Inc. increased its holdings in Eaton by 92.7% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 8,433 shares of the industrial products company’s stock worth $2,795,000 after purchasing an additional 4,056 shares during the period. Penserra Capital Management LLC raised its position in Eaton by 2.1% during the 3rd quarter. Penserra Capital Management LLC now owns 2,116 shares of the industrial products company’s stock valued at $699,000 after purchasing an additional 43 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its holdings in shares of Eaton by 61.6% in the 3rd quarter. Centaurus Financial Inc. now owns 1,978 shares of the industrial products company’s stock worth $655,000 after buying an additional 754 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

NYSE:ETN opened at $303.41 on Tuesday. The firm’s fifty day moving average is $310.56 and its two-hundred day moving average is $331.79. The firm has a market cap of $118.87 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50.

Eaton (NYSE:ETN) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping 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 quarter last year, the business earned $2.55 EPS. Research analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 1.37%. Eaton’s dividend payout ratio is 43.79%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Barclays decreased their price objective on Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research report on Tuesday, January 28th. Citigroup decreased their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a report on Monday, January 13th. Jefferies Financial Group reduced their target price on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada decreased their price target on Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $357.68.

Eaton Company 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.