Genesee Capital Advisors LLC Cuts Position in Eaton Co. plc (NYSE:ETN)

Genesee Capital Advisors LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.1% in the fourth quarter, HoldingsChannel reports. The firm owned 1,706 shares of the industrial products company’s stock after selling 36 shares during the period. Genesee Capital Advisors LLC’s holdings in Eaton were worth $566,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC grew its position in shares of Eaton by 147.2% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 3,523 shares of the industrial products company’s stock worth $1,169,000 after buying an additional 2,098 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in shares of Eaton by 10.5% during the 4th quarter. Perigon Wealth Management LLC now owns 6,754 shares of the industrial products company’s stock valued at $2,331,000 after purchasing an additional 643 shares during the last quarter. Patrick M Sweeney & Associates Inc. boosted its position in shares of Eaton by 1.2% in the 4th quarter. Patrick M Sweeney & Associates Inc. now owns 3,477 shares of the industrial products company’s stock worth $1,154,000 after purchasing an additional 42 shares in the last quarter. Matrix Asset Advisors Inc. NY grew its stake in Eaton by 59.4% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 1,342 shares of the industrial products company’s stock worth $445,000 after buying an additional 500 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its stake in Eaton by 17.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock valued at $303,000 after buying an additional 136 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In other news, insider Craig Arnold sold 61,569 shares of the stock in a transaction dated 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 directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,981 shares of company stock worth $27,660,117. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of several recent analyst reports. Royal Bank of Canada upped their price objective on shares of Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Bank of America raised their price target on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. 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. Sanford C. Bernstein started coverage on Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. Finally, Jefferies Financial Group increased 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. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $369.30.

Eaton Stock Performance

Shares of ETN stock opened at $312.26 on Wednesday. The company has a market capitalization of $123.41 billion, a P/E ratio of 33.22, a P/E/G ratio of 2.57 and a beta of 1.06. Eaton Co. plc has a 12-month low of $244.35 and a 12-month high of $379.99. The business’s 50 day moving average is $353.01 and its two-hundred day moving average is $331.34. 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 (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same period in the prior year, the business posted $2.47 earnings per share. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts expect that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Company 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.