Eaton Co. plc (NYSE:ETN) is Varenne Capital Partners’ 6th Largest Position

Varenne Capital Partners lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 52.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,039 shares of the industrial products company’s stock after selling 88,079 shares during the period. Eaton makes up 7.8% of Varenne Capital Partners’ portfolio, making the stock its 6th biggest position. Varenne Capital Partners’ holdings in Eaton were worth $26,563,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Schroder Investment Management Group grew its position in shares of Eaton by 14.0% during the 4th quarter. Schroder Investment Management Group now owns 269,203 shares of the industrial products company’s stock valued at $89,478,000 after buying an additional 32,969 shares during the last quarter. Allianz SE acquired a new position in Eaton during the 4th quarter valued at about $738,000. Cambridge Financial Group Inc. acquired a new stake in Eaton in the fourth quarter worth approximately $7,624,000. Allstate Corp bought a new stake in Eaton in the fourth quarter worth about $3,927,000. Finally, Brown Brothers Harriman & Co. lifted its stake in Eaton by 13.5% during the fourth quarter. Brown Brothers Harriman & Co. now owns 7,772 shares of the industrial products company’s stock valued at $2,579,000 after purchasing an additional 924 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of NYSE ETN opened at $274.05 on Friday. The stock has a market capitalization of $107.37 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The stock has a 50 day moving average price of $305.90 and a 200 day moving average price 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.

Eaton (NYSE:ETN) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the prior year, the business earned $2.55 EPS. Analysts predict that Eaton Co. plc will post 12.02 earnings per share 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 given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis 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 payout ratio is 43.79%.

Analyst Ratings Changes

Several research firms have weighed in on ETN. Melius Research reissued a “hold” rating and set a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. Evercore ISI dropped their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Jefferies Financial Group lowered their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Royal Bank of Canada lowered their price objective on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Finally, KeyCorp upgraded shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price on the stock in a research report on Wednesday, March 12th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average 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.