Grimes & Company Inc. Acquires 380 Shares of Eaton Co. plc (NYSE:ETN)

Grimes & Company Inc. increased its holdings in Eaton Co. plc (NYSE:ETN) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,266 shares of the industrial products company’s stock after purchasing an additional 380 shares during the quarter. Grimes & Company Inc.’s holdings in Eaton were worth $13,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. APG Asset Management N.V. boosted its position in Eaton by 33.7% during the 2nd quarter. APG Asset Management N.V. now owns 199,553 shares of the industrial products company’s stock valued at $58,381,000 after acquiring an additional 50,340 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Eaton during the 2nd quarter valued at approximately $400,000. MBB Public Markets I LLC boosted its position in Eaton by 1,753.7% during the 2nd quarter. MBB Public Markets I LLC now owns 28,491 shares of the industrial products company’s stock valued at $8,933,000 after acquiring an additional 26,954 shares in the last quarter. Maverick Capital Ltd. bought a new stake in Eaton during the 2nd quarter valued at approximately $782,000. Finally, Lighthouse Investment Partners LLC bought a new stake in Eaton during the 2nd quarter valued at approximately $2,195,000. 82.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. Mizuho lifted their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. dropped their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Finally, UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $368.89.

Eaton Price Performance

Shares of ETN opened at $368.63 on Friday. The firm has a market cap of $145.68 billion, a PE ratio of 39.22, a P/E/G 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. The firm has a fifty day simple moving average of $353.96 and a two-hundred day simple moving average of $331.35. Eaton Co. plc has a 1-year low of $241.87 and a 1-year 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 for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.47 EPS. On average, equities analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current year.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock worth $27,660,117 in the last three months. 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.