Asset Dedication LLC Sells 900 Shares of Eaton Co. plc (NYSE:ETN)

Asset Dedication LLC reduced its holdings in Eaton Co. plc (NYSE:ETN) by 14.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,310 shares of the industrial products company’s stock after selling 900 shares during the period. Asset Dedication LLC’s holdings in Eaton were worth $1,762,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ETN. Horizon Bancorp Inc. IN boosted its stake in shares of Eaton by 321.7% during the 4th 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 period. Morse Asset Management Inc purchased a new stake in Eaton in the 3rd quarter valued at about $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $35,000. DT Investment Partners LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $37,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $44,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ETN. UBS Group assumed coverage on shares of Eaton in a research note on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Jefferies Financial Group upped their price objective on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a report on Friday, December 6th. 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. Citigroup lowered their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $369.30.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was 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 in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is currently owned by company insiders.

Eaton Price Performance

Eaton stock opened at $312.26 on Wednesday. Eaton Co. plc has a 12-month low of $244.35 and a 12-month high of $379.99. The stock has a market cap of $123.41 billion, a P/E ratio of 33.22, a PEG ratio of 2.57 and a beta of 1.06. The company has a 50-day moving average price of $351.98 and a 200 day moving average price of $331.21. 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 announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $6.37 billion. During the same quarter last year, the firm posted $2.47 earnings per share. Eaton’s revenue was up 7.9% compared to the same quarter last year. Sell-side analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current 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.