Monte Financial Group LLC Cuts Position in Eaton Co. plc (NYSE:ETN)

Monte Financial Group LLC reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 56.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,559 shares of the industrial products company’s stock after selling 8,628 shares during the quarter. Monte Financial Group LLC’s holdings in Eaton were worth $2,177,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ETN. Horizon Bancorp Inc. IN raised its position in Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares during the period. Morse Asset Management Inc acquired a new stake in shares of Eaton during the third quarter valued at about $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton during the third quarter worth about $35,000. DT Investment Partners LLC acquired a new position in shares of Eaton in the third quarter worth about $37,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in Eaton in the third quarter valued at about $44,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Down 0.3 %

Eaton stock opened at $368.63 on Friday. The firm has a market cap of $145.68 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 2.57 and a beta of 1.06. Eaton Co. plc has a 52-week low of $241.87 and a 52-week high of $379.99. The firm has a 50 day moving average price of $353.96 and a two-hundred day moving average price of $331.35. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last posted its earnings results 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 during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.47 EPS. Equities analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ETN shares. Mizuho upped their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Royal Bank of Canada raised their price objective on shares of Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company cut their target price on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Bank of America boosted their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Barclays lifted their price target 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. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the firm’s 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 transaction, the director now directly owns 51,422 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is currently owned by corporate insiders.

Eaton 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.