Pictet Asset Management Holding SA Lowers Stake in Eaton Co. plc (NYSE:ETN)

Pictet Asset Management Holding SA trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 13.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,639,104 shares of the industrial products company’s stock after selling 248,932 shares during the period. Pictet Asset Management Holding SA owned 0.41% of Eaton worth $543,969,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ETN. Norges Bank purchased a new stake in Eaton during the 4th quarter valued at approximately $1,495,582,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings 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 valued at $753,590,000 after purchasing an additional 1,629,856 shares during the period. Proficio Capital Partners LLC raised its stake in shares of Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock worth $243,036,000 after purchasing an additional 730,594 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Eaton by 32.8% during 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 during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in Eaton by 390.7% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 539,673 shares of the industrial products company’s stock valued at $193,421,000 after buying an additional 429,701 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on ETN shares. JPMorgan Chase & Co. reduced their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Evercore ISI reduced their price objective on shares of 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 dropped their target price on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. StockNews.com cut Eaton from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Finally, Barclays dropped their price objective on Eaton from $325.00 to $315.00 and set an “equal weight” rating on the stock in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.16.

Eaton Stock Down 1.6 %

ETN stock opened at $281.04 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The company’s 50 day simple moving average is $307.35 and its 200-day simple moving average is $331.22. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The firm has a market capitalization of $110.10 billion, a PE ratio of 29.58, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates 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 posted $2.55 EPS. Equities analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be paid a $1.04 dividend. This is an increase 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 annualized dividend and a yield of 1.48%. Eaton’s payout ratio is presently 43.79%.

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.