Allspring Global Investments Holdings LLC Trims Position in Eaton Co. plc (NYSE:ETN)

Allspring Global Investments Holdings LLC trimmed its stake in Eaton Co. plc (NYSE:ETN) by 25.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,229 shares of the industrial products company’s stock after selling 49,112 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Eaton were worth $44,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Tennessee Valley Asset Management Partners purchased a new position in shares of Eaton during the fourth quarter valued at $25,000. Atwood & Palmer Inc. increased its position in Eaton by 142.9% during the 1st 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 period. Clear Investment Research LLC bought a new stake in shares of Eaton in the 4th quarter valued at about $29,000. Valued Wealth Advisors LLC purchased a new stake in shares of Eaton in the 4th quarter worth approximately $35,000. Finally, Chilton Capital Management LLC bought a new position in shares of Eaton during the fourth quarter valued at approximately $35,000. 82.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is currently owned by company insiders.

Eaton Stock Performance

ETN opened at $318.42 on Thursday. The firm has a fifty day moving average price of $325.44 and a 200 day moving average price of $294.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The stock has a market cap of $127.30 billion, a P/E ratio of 37.59, a P/E/G ratio of 2.64 and a beta of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm posted $1.88 EPS. Eaton’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ETN. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Bank of America raised their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Argus boosted their target price on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Raymond James began coverage on shares of Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target for the company. Finally, HSBC lifted their price objective on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and an average target price of $318.06.

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.