Maryland State Retirement & Pension System Purchases 2,857 Shares of Eaton Corporation, PLC $ETN

Maryland State Retirement & Pension System lifted its position in Eaton Corporation, PLC (NYSE:ETN) by 13.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,665 shares of the industrial products company’s stock after purchasing an additional 2,857 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Eaton were worth $10,169,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Security National Bank of SO Dak purchased a new position in Eaton during the second quarter worth about $26,000. Manning & Napier Advisors LLC purchased a new stake in shares of Eaton in the 2nd quarter valued at about $27,000. Curry Webb Wealth Management LLC purchased a new stake in shares of Eaton in the 3rd quarter valued at about $29,000. Boreal Capital Management LLC purchased a new stake in shares of Eaton in the 1st quarter valued at about $33,000. Finally, North Point Portfolio Managers Corp OH bought a new stake in shares of Eaton during the 3rd quarter valued at about $34,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN opened at $360.74 on Thursday. The stock has a 50-day moving average price of $402.71 and a 200-day moving average price of $396.94. Eaton Corporation, PLC has a 12-month low of $311.92 and a 12-month high of $478.00. The company has a current ratio of 1.23, a quick ratio of 0.78 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $140.15 billion, a P/E ratio of 36.04, a PEG ratio of 2.23 and a beta of 1.15.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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. The company had revenue of $8.95 billion for the quarter, compared to analysts’ expectations of $8.53 billion. Eaton had a return on equity of 25.09% and a net margin of 12.18%. Eaton’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period last year, the firm posted $3.07 EPS. Equities analysts predict that Eaton Corporation, PLC will post 13.78 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Latest Eaton News

Here’s some of the latest news about ETN:

• Positive Sentiment: Eaton was selected to provide hydraulic power and fuel-system technologies for Dassault Aviation’s Falcon 10X, adding to its aerospace business. Eaton to supply systems for a new business jet
• Neutral Sentiment: JPMorgan and Jefferies initiated coverage with neutral ratings and $395 price targets. The targets imply potential upside from the quoted share prices, but the ratings signal a measured view. JPMorgan coverage Jefferies coverage
• Negative Sentiment: Shares have pulled back sharply after a multiyear run. Commentary questions whether cash flows justify the valuation, while shifting expectations for infrastructure and data-center spending may add uncertainty. Eaton valuation after raised guidance

Wall Street Analyst Weigh In

Several research analysts have recently commented on ETN shares. Jefferies Financial Group began coverage on Eaton in a report on Wednesday. They set a “neutral” rating and a $395.00 price objective for the company. Morgan Stanley lifted their target price on shares of Eaton from $500.00 to $520.00 and gave the company an “overweight” rating in a research report on Friday, August 28th. Mizuho set a $485.00 price target on shares of Eaton in a research note on Wednesday, November 4th. Robert W. Baird began coverage on shares of Eaton in a report on Thursday, August 20th. They issued an “outperform” rating and a $500.00 price target on the stock. Finally, Argus increased their price target on shares of Eaton from $475.00 to $528.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $476.86.

Eaton 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.