SteelPeak Wealth LLC Purchases 1,789 Shares of Eaton Co. plc (NYSE:ETN)

SteelPeak Wealth LLC grew its position in shares of Eaton Co. plc (NYSE:ETN) by 48.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,503 shares of the industrial products company’s stock after purchasing an additional 1,789 shares during the period. SteelPeak Wealth LLC’s holdings in Eaton were worth $1,826,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Groupama Asset Managment boosted its position in Eaton by 83.2% during the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after buying an additional 4,298 shares during the period. Horizon Bancorp Inc. IN increased its position in Eaton by 321.7% in the 4th 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 bought 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 worth $35,000. Finally, DT Investment Partners LLC bought a new stake in shares of Eaton in the third quarter worth $37,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Shares of ETN stock opened at $317.90 on Thursday. 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 firm has a fifty day simple moving average of $351.98 and a two-hundred day simple moving average of $331.21. Eaton Co. plc has a 12 month low of $245.65 and a 12 month high of $379.99. The firm has a market capitalization of $125.63 billion, a PE ratio of 33.82, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the business posted $2.47 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. Analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Insider Transactions at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 51,422 shares of the company’s stock, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,981 shares of company stock valued at $27,660,117 over the last ninety days. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ETN. Bank of America lifted their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. reduced their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Mizuho lifted their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Royal Bank of Canada upped their price target on shares of Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Melius Research reissued a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research 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 presently has an average rating of “Moderate Buy” and a consensus price target of $369.30.

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.