Summit Wealth Group LLC Cuts Stake in Eaton Co. plc (NYSE:ETN)

Summit Wealth Group LLC cut its stake in Eaton Co. plc (NYSE:ETN) by 16.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 642 shares of the industrial products company’s stock after selling 131 shares during the quarter. Summit Wealth Group LLC’s holdings in Eaton were worth $213,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Cavalier Investments LLC raised its position in Eaton by 3.8% in the fourth quarter. Cavalier Investments LLC now owns 7,858 shares of the industrial products company’s stock valued at $2,608,000 after purchasing an additional 288 shares during the period. Illinois Municipal Retirement Fund increased its position in shares of Eaton by 13.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 33,488 shares of the industrial products company’s stock worth $11,114,000 after acquiring an additional 4,095 shares during the last quarter. FourThought Financial Partners LLC purchased a new stake in shares of Eaton during the fourth quarter worth about $395,000. Brown Financial Advisors increased its position in shares of Eaton by 7.8% during the fourth quarter. Brown Financial Advisors now owns 3,255 shares of the industrial products company’s stock worth $1,080,000 after acquiring an additional 235 shares during the last quarter. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Eaton during the fourth quarter worth about $58,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of ETN stock opened at $287.12 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average of $329.47 and a two-hundred day moving average of $332.80. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The company has a market cap of $113.47 billion, a P/E ratio of 30.22, a PEG ratio of 2.64 and a beta of 1.05.

Eaton (NYSE:ETN) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the prior year, the company earned $2.55 earnings per share. As a group, analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ETN. Melius Research reaffirmed a “hold” rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Mizuho lifted their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Evercore ISI dropped their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Citigroup dropped their target price on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating on shares of Eaton in a research report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and an average target price of $366.05.

Insider Transactions at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.

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.