JPMorgan Chase & Co. Sells 1,078,196 Shares of Eaton Co. plc (NYSE:ETN)

JPMorgan Chase & Co. lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 5.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,848,695 shares of the industrial products company’s stock after selling 1,078,196 shares during the period. JPMorgan Chase & Co. owned 4.52% of Eaton worth $5,923,447,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Flagship Wealth Advisors LLC bought a new position in Eaton during the 4th quarter valued at approximately $27,000. Noble Wealth Management PBC bought a new stake in Eaton in the fourth quarter worth $30,000. Groupama Asset Managment increased its holdings in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN raised its position in shares of Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares during the last quarter. Finally, Morse Asset Management Inc bought a new position in Eaton in the 3rd quarter worth about $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

NYSE ETN opened at $285.60 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The business’s fifty day moving average is $308.63 and its 200 day moving average is $331.57. The company has a market capitalization of $111.89 billion, a PE ratio of 30.06, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two 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 business posted $2.55 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

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

Wall Street Analyst Weigh In

ETN has been the subject of a number of analyst reports. 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 note on Wednesday, February 19th. Jefferies Financial Group reduced their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company lowered their price objective on Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada reduced their target price on Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Finally, StockNews.com downgraded Eaton from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $357.16.

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.