Eaton Co. plc (NYSE:ETN) Shares Sold by Monte Financial Group LLC

Monte Financial Group LLC cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 56.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,559 shares of the industrial products company’s stock after selling 8,628 shares during the period. Monte Financial Group LLC’s holdings in Eaton were worth $2,177,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after buying an additional 1,629,856 shares during the last quarter. International Assets Investment Management LLC raised its stake in Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after acquiring an additional 1,070,024 shares during the last quarter. Janus Henderson Group PLC lifted its position in Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after acquiring an additional 597,700 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Eaton in the third quarter valued at approximately $137,794,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Eaton by 3,508.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company’s stock worth $133,321,000 after purchasing an additional 390,595 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ETN. Sanford C. Bernstein began coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Royal Bank of Canada increased their price target on shares of Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Jefferies Financial Group lifted their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a report on Friday, December 6th. Wells Fargo & Company reduced their price target on Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Finally, Citigroup dropped their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $368.89.

Eaton Stock Performance

NYSE:ETN opened at $368.63 on Friday. The company has a 50-day moving average of $353.96 and a 200-day moving average of $331.35. The firm has a market cap of $145.68 billion, a price-to-earnings ratio of 39.22, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a twelve month low of $241.87 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the previous year, the firm posted $2.47 earnings per share. Eaton’s revenue was up 7.9% compared to the same quarter last year. Analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Insider Activity at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares of the company’s stock, valued at $15,379,403.94. The trade was a 18.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,981 shares of company stock worth $27,660,117 in the last quarter. Corporate insiders own 0.53% of the company’s stock.

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.