Rhumbline Advisers Sells 21,835 Shares of Eaton Co. plc (NYSE:ETN)

Rhumbline Advisers reduced its stake in Eaton Co. plc (NYSE:ETN) by 3.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 702,064 shares of the industrial products company’s stock after selling 21,835 shares during the quarter. Rhumbline Advisers’ holdings in Eaton were worth $232,994,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. grew its stake in shares of 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 during 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. raised its holdings in 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 during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ETN. Barclays raised their price target on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Melius Research restated a “hold” rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a report on Tuesday, January 28th. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and upped their target price for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group lifted their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $369.20.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory R. Page sold 10,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Eaton Stock Up 0.5 %

NYSE ETN opened at $309.21 on Friday. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $122.20 billion, a P/E ratio of 32.55, a price-to-earnings-growth ratio of 2.37 and a beta of 1.05. The stock’s 50-day moving average price is $338.45 and its 200-day moving average price is $331.30.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the previous year, the business posted $2.55 EPS. On average, equities research analysts predict that Eaton Co. plc will post 12.04 earnings per share for the current year.

About Eaton

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.