Mitsubishi UFJ Trust & Banking Corp Cuts Stake in Eaton Co. plc (NYSE:ETN)

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in Eaton Co. plc (NYSE:ETN) by 17.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,245 shares of the industrial products company’s stock after selling 49,076 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Eaton were worth $79,730,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Flagship Wealth Advisors LLC acquired a new stake in Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new position in Eaton in the fourth quarter valued at $30,000. Horizon Bancorp Inc. IN lifted its holdings in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $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 3rd quarter worth about $33,000. Finally, Activest Wealth Management raised 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 worth $34,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Down 0.9 %

Shares of NYSE:ETN opened at $300.11 on Wednesday. The company has a market cap of $117.57 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The firm’s 50-day simple moving average is $309.76 and its 200-day simple moving average is $331.90. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (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 in the previous year, the business posted $2.55 EPS. As a group, equities research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Melius Research reaffirmed a “hold” rating and issued a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. Evercore ISI cut their price target on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Jefferies Financial Group dropped their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a report on Tuesday, January 28th. Finally, StockNews.com lowered Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average price target of $357.68.

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.