Eaton Co. plc (NYSE:ETN) Shares Purchased by CX Institutional

CX Institutional raised its holdings in Eaton Co. plc (NYSE:ETN) by 6.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,567 shares of the industrial products company’s stock after purchasing an additional 159 shares during the quarter. CX Institutional’s holdings in Eaton were worth $852,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Dark Forest Capital Management LP purchased a new position in Eaton during the second quarter valued at approximately $400,000. Maverick Capital Ltd. purchased a new position in Eaton during the second quarter valued at approximately $782,000. Lighthouse Investment Partners LLC purchased a new position in Eaton during the second quarter valued at approximately $2,195,000. Susquehanna Fundamental Investments LLC purchased a new position in Eaton during the second quarter valued at approximately $2,383,000. Finally, Dorsey Wright & Associates increased its position in shares of Eaton by 2.6% in the second quarter. Dorsey Wright & Associates now owns 7,237 shares of the industrial products company’s stock valued at $2,269,000 after buying an additional 184 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $368.63 on Friday. Eaton Co. plc has a 52 week low of $241.87 and a 52 week high of $379.99. The business’s fifty day simple moving average is $353.96 and its 200-day simple moving average is $331.35. The firm has a market cap of $145.68 billion, a PE ratio of 39.22, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. 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 prior year, the company posted $2.47 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. Equities analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current year.

Analyst Ratings Changes

ETN has been the subject of a number of recent analyst reports. Mizuho boosted 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. Jefferies Financial Group boosted their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup cut their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada boosted their price objective on Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Bank of America lifted their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $368.89.

Insider Activity

In related news, Director Gregory R. Page sold 4,000 shares of the business’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 sale, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,981 shares of company stock valued at $27,660,117 in the last quarter. 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.