Mitsubishi UFJ Asset Management Co. Ltd. Buys 61,925 Shares of Eaton Co. plc (NYSE:ETN)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Eaton Co. plc (NYSE:ETN) by 10.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 640,971 shares of the industrial products company’s stock after buying an additional 61,925 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Eaton were worth $219,645,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ETN. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the 4th quarter worth approximately $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton during the 4th quarter valued at $30,000. Horizon Bancorp Inc. IN raised its position in shares of Eaton by 321.7% in the fourth 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 in the last quarter. Morse Asset Management Inc bought a new stake in Eaton during the third quarter valued at $33,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in Eaton in the 4th quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Eaton stock opened at $285.60 on Thursday. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The firm has a market cap of $111.89 billion, a P/E ratio of 30.06, a P/E/G ratio of 2.64 and a beta of 1.09. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $308.63 and a 200-day moving average of $331.57.

Eaton (NYSE:ETN) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating 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 firm earned $2.55 EPS. Sell-side analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.04 per share. This is a positive change from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.46%. Eaton’s payout ratio is presently 43.79%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ETN. Evercore ISI dropped their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Citigroup cut their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research report on Tuesday, January 28th. KeyCorp upgraded shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 target price for the company in a research report on Wednesday, March 12th. Finally, Barclays lowered their price target on Eaton from $325.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $357.16.

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.