Clearbridge Investments LLC Sells 192,114 Shares of Eaton Co. plc (NYSE:ETN)

Clearbridge Investments LLC trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 5.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,185,918 shares of the industrial products company’s stock after selling 192,114 shares during the period. Eaton makes up approximately 0.9% of Clearbridge Investments LLC’s holdings, making the stock its 16th largest position. Clearbridge Investments LLC owned approximately 0.81% of Eaton worth $1,057,311,000 as of its most recent SEC filing.

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

Eaton Trading Down 2.4 %

Eaton stock opened at $274.05 on Friday. 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 $107.37 billion, a price-to-earnings ratio of 28.85, a P/E/G ratio of 2.64 and a beta of 1.09. The firm has a 50 day moving average of $305.90 and a 200 day moving average of $331.42. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the business earned $2.55 EPS. As a group, research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were given a $1.04 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Monday, March 10th. Eaton’s payout ratio is currently 43.79%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ETN shares. StockNews.com downgraded shares of Eaton from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Jefferies Financial Group decreased their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Barclays reduced their price objective on Eaton from $325.00 to $315.00 and set an “equal weight” rating for the company in a report on Wednesday. Royal Bank of Canada lowered their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Finally, 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. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.16.

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.