State of Alaska Department of Revenue Cuts Stock Holdings in Eaton Co. plc (NYSE:ETN)

State of Alaska Department of Revenue reduced its holdings in Eaton Co. plc (NYSE:ETN) by 7.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,364 shares of the industrial products company’s stock after selling 4,360 shares during the period. State of Alaska Department of Revenue’s holdings in Eaton were worth $17,623,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ETN. Vanguard Group Inc. boosted its position in shares of Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after buying an additional 259,615 shares during the period. Norges Bank acquired a new position in Eaton during the 4th quarter worth $1,087,983,000. Coatue Management LLC raised its stake in Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after buying an additional 195,809 shares in the last quarter. Raymond James & Associates raised its stake in Eaton by 3.8% during the 4th quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock worth $900,600,000 after acquiring an additional 138,465 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Eaton by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock valued at $520,998,000 after acquiring an additional 27,386 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Trading Up 1.6 %

Eaton stock traded up $5.14 during trading hours on Wednesday, reaching $318.42. 1,122,857 shares of the company’s stock were exchanged, compared to its average volume of 2,020,785. The firm has a market capitalization of $127.30 billion, a PE ratio of 37.65, a PEG ratio of 2.64 and a beta of 1.02. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The firm’s 50 day simple moving average is $325.44 and its 200 day simple moving average is $294.18. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.88 earnings per share. Research analysts predict that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ETN. Wolfe Research reiterated an “underperform” rating and set a $312.00 price target on shares of Eaton in a report on Monday, April 8th. JPMorgan Chase & Co. increased their target price on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. The Goldman Sachs Group raised their target price on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Berenberg Bank lifted their price target on shares of Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Finally, Raymond James began coverage on shares of Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $318.06.

Insider Activity at Eaton

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is currently owned by insiders.

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.