Zurcher Kantonalbank Zurich Cantonalbank Lowers Stock Holdings in Eaton Co. plc (NYSE:ETN)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of Eaton Co. plc (NYSE:ETN) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 406,317 shares of the industrial products company’s stock after selling 28,662 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.10% of Eaton worth $134,844,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Equitable Trust Co. grew its position in Eaton by 42.3% during the 3rd quarter. Equitable Trust Co. now owns 1,497 shares of the industrial products company’s stock valued at $496,000 after purchasing an additional 445 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Eaton during the third quarter valued at approximately $2,321,000. United Bank bought a new stake in shares of Eaton during the third quarter valued at approximately $258,000. Verdence Capital Advisors LLC raised its holdings in Eaton by 2.3% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,103 shares of the industrial products company’s stock worth $697,000 after acquiring an additional 48 shares during the last quarter. Finally, Assetmark Inc. lifted its position in Eaton by 5.8% in the 3rd quarter. Assetmark Inc. now owns 30,918 shares of the industrial products company’s stock valued at $10,247,000 after acquiring an additional 1,693 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ETN shares. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a research note on Tuesday, January 28th. Citigroup lowered their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Wells Fargo & Company reduced their price target on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Melius Research restated a “hold” rating and set a $373.00 price objective on shares of Eaton in a research report on Tuesday, January 28th. Finally, Jefferies Financial Group lifted their target price on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $362.58.

Insider Transactions at Eaton

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

Eaton Stock Up 2.8 %

Shares of ETN opened at $285.29 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average of $321.13 and a 200 day moving average of $332.19. The company has a market cap of $111.83 billion, a PE ratio of 30.03, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52-week low of $255.65 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the firm posted $2.55 earnings per share. On average, sell-side analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The firm 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 boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.46%. Eaton’s dividend payout ratio is currently 43.79%.

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.