Eaton Co. plc (NYSE:ETN) Shares Sold by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd lessened its holdings in Eaton Co. plc (NYSE:ETN) by 91.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,100 shares of the industrial products company’s stock after selling 22,880 shares during the quarter. Eaton makes up about 0.2% of BOCHK Asset Management Ltd’s investment portfolio, making the stock its 27th largest holding. BOCHK Asset Management Ltd’s holdings in Eaton were worth $697,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Groupama Asset Managment boosted its holdings in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 4,298 shares during the period. Horizon Bancorp Inc. IN boosted its holdings in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 74 shares during the period. Morse Asset Management Inc acquired a new position in shares of Eaton during the third quarter valued at $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton during the third quarter valued at $35,000. Finally, DT Investment Partners LLC acquired a new position in shares of Eaton during the third quarter valued at $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

NYSE ETN opened at $312.26 on Wednesday. The stock’s 50-day moving average price is $351.98 and its two-hundred day moving average price is $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. The company has a market cap of $123.41 billion, a PE ratio of 33.22, a PEG ratio of 2.57 and a beta of 1.06. Eaton Co. plc has a 1 year low of $244.35 and a 1 year high of $379.99.

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

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,981 shares of company stock worth $27,660,117. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ETN shares. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Barclays upped their price objective on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. reduced their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. UBS Group initiated coverage on shares of Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Finally, Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $369.30.

About Eaton

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.