Corebridge Financial Inc. Grows Stock Holdings in Eaton Co. plc (NYSE:ETN)

Corebridge Financial Inc. lifted its stake in Eaton Co. plc (NYSE:ETN) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,662 shares of the industrial products company’s stock after acquiring an additional 4,184 shares during the period. Corebridge Financial Inc.’s holdings in Eaton were worth $36,725,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. boosted its stake in Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after purchasing an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. purchased a new position in Eaton during the fourth quarter valued at approximately $297,000. Webster Bank N. A. increased its holdings in Eaton by 52.4% during the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock worth $5,949,000 after acquiring an additional 6,166 shares during the period. Ballentine Partners LLC lifted its stake in Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after purchasing an additional 790 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Eaton by 13.2% in the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock valued at $4,804,000 after purchasing an additional 1,694 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Up 0.1 %

Shares of ETN stock opened at $295.88 on Monday. The business has a 50-day moving average of $311.30 and a 200 day moving average of $331.67. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The stock has a market capitalization of $115.92 billion, a PE ratio of 31.14, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 last year, the firm earned $2.55 earnings per share. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a $1.04 dividend. 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 1.41%. Eaton’s payout ratio is presently 43.79%.

Analysts Set New Price Targets

ETN has been the topic of several research analyst reports. Evercore ISI decreased their price target on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Citigroup lowered their price target on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. StockNews.com lowered Eaton from a “buy” rating to a “hold” rating in a report on Friday. Melius Research reaffirmed a “hold” rating and issued a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company cut 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. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $357.68.

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.