Allspring Global Investments Holdings LLC Sells 9,707 Shares of Eaton Co. plc (NYSE:ETN)

Allspring Global Investments Holdings LLC lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 6.2% in the fourth quarter, Holdings Channel reports. The firm owned 147,908 shares of the industrial products company’s stock after selling 9,707 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Eaton were worth $49,100,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Groupama Asset Managment boosted its position in Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 4,298 shares during the period. Horizon Bancorp Inc. IN grew its stake in shares of Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 74 shares during the last quarter. Morse Asset Management Inc bought a new position in Eaton during the third quarter worth $33,000. Activest Wealth Management raised its stake in Eaton by 621.4% during the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares during the last quarter. Finally, DT Investment Partners LLC bought a new stake in Eaton in the 3rd quarter valued at $37,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETN. Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group boosted their price target on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Sanford C. Bernstein initiated coverage on Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lowered their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $369.20.

Eaton Stock Down 0.7 %

NYSE ETN opened at $307.70 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $339.72 and its two-hundred day moving average is $331.47. The company has a market capitalization of $121.60 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 2.37 and a beta of 1.05. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last released its quarterly 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter last year, the firm posted $2.55 EPS. Equities analysts forecast that Eaton Co. plc will post 12.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was 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 in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the 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 sale, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

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.