Clearbridge Investments LLC Sells 192,114 Shares of Eaton Co. plc (NYSE:ETN)

Clearbridge Investments LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,185,918 shares of the industrial products company’s stock after selling 192,114 shares during the quarter. Eaton comprises about 0.9% of Clearbridge Investments LLC’s investment portfolio, making the stock its 16th biggest position. Clearbridge Investments LLC’s holdings in Eaton were worth $1,057,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Flagship Wealth Advisors LLC purchased a new stake in Eaton during the 4th quarter valued at $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton in the fourth quarter valued at $30,000. Horizon Bancorp Inc. IN lifted its holdings in shares of Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 74 shares during the last quarter. Morse Asset Management Inc purchased a new position in shares of Eaton during the 3rd quarter worth about $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in Eaton during the 4th quarter valued at about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of Eaton stock opened at $274.05 on Friday. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The company has a 50-day simple moving average of $305.90 and a two-hundred day simple moving average of $331.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market capitalization of $107.37 billion, a PE ratio of 28.85, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (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 prior year, the firm earned $2.55 EPS. Research analysts expect that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Monday, March 10th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Monday, March 10th. This is an increase from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is currently 43.79%.

Analyst Upgrades and Downgrades

ETN has been the subject of several analyst reports. KeyCorp raised shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective for the company in a research note on Wednesday, March 12th. Evercore ISI dropped their price objective on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Melius downgraded 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. Melius Research restated a “hold” rating and issued a $373.00 price target on shares of Eaton in a report on Tuesday, January 28th. Finally, Barclays decreased their price objective on shares of Eaton from $325.00 to $315.00 and set an “equal weight” rating for the company in a report on Wednesday. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $357.16.

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.