LMG Wealth Partners LLC Reduces Stake in Eaton Co. plc (NYSE:ETN)

LMG Wealth Partners LLC cut its stake in Eaton Co. plc (NYSE:ETN) by 4.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,586 shares of the industrial products company’s stock after selling 380 shares during the quarter. LMG Wealth Partners LLC’s holdings in Eaton were worth $2,850,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ETN. Horizon Bancorp Inc. IN increased its position in Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares during the last quarter. Morse Asset Management Inc purchased a new stake in shares of Eaton in the 3rd quarter valued at approximately $33,000. Activest Wealth Management increased its holdings in shares of Eaton by 621.4% during the 4th quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after buying an additional 87 shares during the last quarter. DT Investment Partners LLC acquired a new position in Eaton in the third quarter valued at approximately $37,000. Finally, Hager Investment Management Services LLC purchased a new position in Eaton in the fourth quarter worth approximately $38,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Eaton stock opened at $309.31 on Thursday. The stock has a market capitalization of $122.24 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. The business has a 50 day simple moving average of $334.15 and a 200-day simple moving average of $332.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the firm posted $2.55 earnings per share. Equities analysts predict that Eaton Co. plc will post 12.03 earnings per share for the current year.

Insider Activity

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction dated 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 transaction, the director now owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ETN shares. Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price on the stock. Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Citigroup decreased their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Wells Fargo & Company dropped their price target on shares of Eaton from $350.00 to $335.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $366.05.

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.