Jennison Associates LLC Has $394.75 Million Position in Eaton Co. plc (NYSE:ETN)

Jennison Associates LLC increased its position in Eaton Co. plc (NYSE:ETN) by 2,857.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,262,479 shares of the industrial products company’s stock after purchasing an additional 1,219,790 shares during the quarter. Jennison Associates LLC owned approximately 0.32% of Eaton worth $394,752,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton during the 4th quarter worth approximately $25,000. LifeSteps Financial Inc. bought a new position in Eaton during the first quarter worth $25,000. Atwood & Palmer Inc. increased its holdings in shares of Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton in the fourth quarter valued at about $29,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of Eaton during the 1st quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were 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 directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.33% of the company’s stock.

Eaton Price Performance

NYSE ETN traded up $1.61 on Monday, hitting $318.98. 1,139,806 shares of the company’s stock were exchanged, compared to its average volume of 2,010,310. The stock has a 50-day moving average of $325.17 and a 200-day moving average of $296.48. The stock has a market cap of $127.53 billion, a price-to-earnings ratio of 37.66, a P/E/G ratio of 2.67 and a beta of 1.02. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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 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 for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.88 EPS. Analysts expect that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.18%. The ex-dividend date was Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Analyst Ratings Changes

ETN has been the topic of several research analyst reports. Mizuho reissued a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. The Goldman Sachs Group boosted their price target on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Raymond James initiated coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective on the stock. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Finally, Argus upped their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Eaton currently has an average rating of “Moderate Buy” and an average price target of $318.06.

Eaton 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.