Bank of New York Mellon Corp Has $1.04 Billion Stock Position in Eaton Co. plc (NYSE:ETN)

Bank of New York Mellon Corp cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,130,214 shares of the industrial products company’s stock after selling 75,544 shares during the quarter. Bank of New York Mellon Corp owned about 0.79% of Eaton worth $1,038,824,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ETN. Brown Financial Advisors raised its stake in Eaton by 7.8% during the 4th quarter. Brown Financial Advisors now owns 3,255 shares of the industrial products company’s stock valued at $1,080,000 after purchasing an additional 235 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Eaton during the fourth quarter valued at about $58,000. Trifecta Capital Advisors LLC lifted its stake in shares of Eaton by 3.5% in the fourth quarter. Trifecta Capital Advisors LLC now owns 16,319 shares of the industrial products company’s stock valued at $5,416,000 after buying an additional 545 shares during the period. Mengis Capital Management Inc. grew its position in Eaton by 5.5% during the fourth quarter. Mengis Capital Management Inc. now owns 2,772 shares of the industrial products company’s stock worth $920,000 after buying an additional 145 shares in the last quarter. Finally, Prasad Wealth Partners LLC bought a new position in Eaton during the fourth quarter valued at about $979,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

Shares of NYSE:ETN opened at $289.68 on Tuesday. The business has a fifty day moving average of $330.66 and a 200-day moving average of $332.83. The firm has a market cap of $114.48 billion, a PE ratio of 30.49, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton Co. plc has a twelve month low of $255.65 and a twelve month high of $379.99.

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

Insider Buying and Selling at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction 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 transaction, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

ETN has been the subject of a number of research reports. Melius Research reiterated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a research report on Tuesday, January 28th. Bank of America raised their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating on shares of Eaton in a research note on Thursday, February 13th. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a research report on Tuesday, January 28th. Finally, UBS Group started coverage on shares of Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $366.05.

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.