Franklin Resources Inc. Increases Stake in Eaton Co. plc (NYSE:ETN)

Franklin Resources Inc. raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 15.1% in the third quarter, Holdings Channel reports. The institutional investor owned 2,421,626 shares of the industrial products company’s stock after acquiring an additional 316,830 shares during the period. Franklin Resources Inc.’s holdings in Eaton were worth $836,938,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock worth $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Eaton by 32.8% in the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after purchasing an additional 597,700 shares in the last quarter. Wulff Hansen & CO. grew its stake in Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after acquiring an additional 476,639 shares in the last quarter. Finally, Electron Capital Partners LLC grew its stake in Eaton by 8,348.9% during the second quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock valued at $140,008,000 after acquiring an additional 441,239 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

Eaton stock opened at $358.71 on Friday. The firm has a 50-day moving average price of $355.33 and a 200-day moving average price of $326.59. The firm has a market capitalization of $141.76 billion, a PE ratio of 38.16, a price-to-earnings-growth ratio of 2.74 and a beta of 1.03. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12-month low of $231.84 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the business posted $2.47 EPS. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities research analysts forecast that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. Eaton’s payout ratio is 40.00%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ETN. Jefferies Financial Group raised their target price on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Bank of America raised their target price on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Citigroup raised their target price on shares of Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a research note on Monday. Morgan Stanley assumed coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Finally, Mizuho increased their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares in the company, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock worth $24,100,317 in the last 90 days. 0.53% of the stock is owned by corporate 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.