Factory Mutual Insurance Co. Has $89.46 Million Holdings in Eaton Co. plc (NYSE:ETN)

Factory Mutual Insurance Co. reduced its position in Eaton Co. plc (NYSE:ETN) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 286,119 shares of the industrial products company’s stock after selling 4,400 shares during the period. Eaton comprises about 1.0% of Factory Mutual Insurance Co.’s holdings, making the stock its 21st largest position. Factory Mutual Insurance Co.’s holdings in Eaton were worth $89,464,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ETN. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Eaton by 5,883.9% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 54,274 shares of the industrial products company’s stock valued at $11,576,000 after acquiring an additional 53,367 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Eaton by 10.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 5,252 shares of the industrial products company’s stock valued at $1,120,000 after acquiring an additional 478 shares during the last quarter. Covestor Ltd increased its holdings in shares of Eaton by 230.7% during the 3rd quarter. Covestor Ltd now owns 635 shares of the industrial products company’s stock valued at $135,000 after acquiring an additional 443 shares during the last quarter. Pegasus Partners Ltd. acquired a new position in shares of Eaton during the 3rd quarter valued at about $289,000. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Eaton by 18.3% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,569 shares of the industrial products company’s stock valued at $335,000 after acquiring an additional 243 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Mizuho restated a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Berenberg Bank increased their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Finally, Bank of America increased their target price on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Eaton Stock Performance

Shares of ETN stock traded up $0.22 during mid-day trading on Tuesday, reaching $322.30. The stock had a trading volume of 690,228 shares, compared to its average volume of 2,014,023. The firm’s 50 day simple moving average is $324.80 and its 200 day simple moving average is $290.83. 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 Co. plc has a one year low of $191.82 and a one year high of $345.19. The firm has a market cap of $128.86 billion, a PE ratio of 38.03, a P/E/G ratio of 2.68 and a beta of 1.04.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. Eaton’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $1.88 EPS. On average, analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors 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 annualized dividend and a dividend yield of 1.17%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.