Patton Fund Management Inc. Lowers Stock Holdings in Eaton Co. plc (NYSE:ETN)

Patton Fund Management Inc. decreased its holdings in Eaton Co. plc (NYSE:ETN) by 13.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,882 shares of the industrial products company’s stock after selling 1,624 shares during the quarter. Patton Fund Management Inc.’s holdings in Eaton were worth $3,611,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. increased its position in shares of Eaton by 48.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after acquiring an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. acquired a new stake in Eaton in the 4th quarter valued at about $297,000. Webster Bank N. A. boosted its stake in shares of Eaton by 52.4% in the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after buying an additional 6,166 shares during the period. Ballentine Partners LLC grew its position in shares of Eaton by 9.3% during the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after buying an additional 790 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Eaton by 13.2% in the fourth quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock valued at $4,804,000 after acquiring an additional 1,694 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the topic of a number of analyst reports. Barclays raised their price objective on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Bank of America raised their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research report on Tuesday. Royal Bank of Canada raised their target price on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and upped their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $369.30.

Insiders Place Their Bets

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on 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 completion of the sale, the director now owns 51,422 shares in the company, valued at approximately $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. In the last quarter, insiders sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is owned by insiders.

Eaton Stock Performance

NYSE ETN opened at $312.26 on Wednesday. The firm has a market cap 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 52-week low of $244.35 and a 52-week high of $379.99. The business’s 50-day moving average price is $351.98 and its 200 day moving average price is $331.21. 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 earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the business posted $2.47 EPS. The company’s revenue was up 7.9% on a year-over-year basis. On average, equities research analysts expect 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.