Eaton Corporation, PLC $ETN Stake Decreased by Csenge Advisory Group

Csenge Advisory Group cut its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 76.1% during the third quarter, Holdings Channel reports. The institutional investor owned 1,705 shares of the industrial products company’s stock after selling 5,442 shares during the quarter. Csenge Advisory Group’s holdings in Eaton were worth $733,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ETN. Wellington Management Group LLP raised its holdings in Eaton by 19.6% in the 2nd quarter. Wellington Management Group LLP now owns 6,827,266 shares of the industrial products company’s stock valued at $2,909,235,000 after acquiring an additional 1,120,567 shares in the last quarter. National Pension Service grew its holdings in shares of Eaton by 3.5% during the 2nd quarter. National Pension Service now owns 864,731 shares of the industrial products company’s stock worth $368,479,000 after purchasing an additional 29,436 shares in the last quarter. AMF Tjanstepension AB grew its holdings in shares of Eaton by 1.4% during the 3rd quarter. AMF Tjanstepension AB now owns 364,814 shares of the industrial products company’s stock worth $156,764,000 after purchasing an additional 5,168 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd increased its position in shares of Eaton by 112.6% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 336,060 shares of the industrial products company’s stock valued at $120,199,000 after purchasing an additional 178,000 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of Eaton by 87.1% during the third quarter. Assenagon Asset Management S.A. now owns 282,750 shares of the industrial products company’s stock valued at $121,501,000 after purchasing an additional 131,624 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ETN has been the subject of a number of recent research reports. Rothschild & Co Redburn upped their target price on Eaton from $386.00 to $403.00 and gave the company a “neutral” rating in a research note on Wednesday, September 30th. Robert W. Baird began coverage on shares of Eaton in a research note on Thursday, August 20th. They set an “outperform” rating and a $500.00 price target on the stock. Mizuho set a $485.00 price target on shares of Eaton in a research note on Wednesday, November 4th. Deutsche Bank boosted their price target on shares of Eaton from $493.00 to $521.00 and gave the company a “buy” rating in a report on Wednesday, September 30th. Finally, HSBC increased their price objective on shares of Eaton from $440.00 to $460.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $476.86.

Eaton Price Performance

Eaton stock opened at $359.12 on Friday. The business has a 50 day simple moving average of $402.08 and a 200 day simple moving average of $397.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.23 and a quick ratio of 0.78. The company has a market capitalization of $139.52 billion, a PE ratio of 35.88, a price-to-earnings-growth ratio of 2.27 and a beta of 1.15. Eaton Corporation, PLC has a one year low of $311.92 and a one year high of $478.00.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share for the quarter, beating analysts’ consensus estimates of $3.54 by $0.14. Eaton had a return on equity of 25.09% and a net margin of 12.18%. The firm had revenue of $8.95 billion for the quarter, compared to analysts’ expectations of $8.53 billion. During the same period in the prior year, the business posted $3.07 earnings per share. The business’s revenue was up 28.0% compared to the same quarter last year. On average, sell-side analysts forecast that Eaton Corporation, PLC will post 13.78 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Tuesday, November 10th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, November 10th. Eaton’s payout ratio is currently 43.96%.

More Eaton News

Here’s some of the latest news about ETN:

• Positive Sentiment: Bernstein initiated a Buy rating on ETN, providing a bullish counterpoint to more cautious analyst views. Bernstein rates Eaton Buy
• Neutral Sentiment: Oppenheimer maintained its Hold rating, underscoring the divided analyst outlook. Oppenheimer maintains Hold
• Negative Sentiment: The mixed ratings and focus on valuation and potential business risks may limit enthusiasm despite the contract win and Buy call. Zacks’ “trending stock” article reports heightened investor attention, but the supplied summary gives no specific buy-or-sell conclusion. Zacks coverage of Eaton

Eaton Company Profile

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.