Hsbc Holdings PLC Sells 9,394 Shares of Eaton Co. plc (NYSE:ETN)

Hsbc Holdings PLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 281,242 shares of the industrial products company’s stock after selling 9,394 shares during the period. Hsbc Holdings PLC’s holdings in Eaton were worth $93,494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETN. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the fourth quarter worth about $27,000. Noble Wealth Management PBC bought a new stake in shares of Eaton in the 4th quarter worth approximately $30,000. Horizon Bancorp Inc. IN grew its stake 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 buying an additional 74 shares during the last quarter. Morse Asset Management Inc bought a new position in Eaton during the 3rd quarter valued at approximately $33,000. Finally, Murphy & Mullick Capital Management Corp purchased a new position in Eaton during the fourth quarter valued at $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ETN. StockNews.com downgraded Eaton from a “buy” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada decreased their target price on shares of Eaton from $405.00 to $376.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Jefferies Financial Group cut their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Citigroup decreased their price objective on shares of Eaton from $396.00 to $323.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Melius Research reissued a “hold” rating and issued a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $350.22.

Eaton Trading Up 3.3 %

Shares of Eaton stock opened at $275.72 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market capitalization of $108.02 billion, a PE ratio of 29.02, a P/E/G ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99. The company’s fifty day simple moving average is $282.46 and its 200-day simple moving average is $323.96.

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

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.51%. The ex-dividend date is Monday, May 5th. 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.