Rhumbline Advisers Trims Position in Eaton Co. plc (NYSE:ETN)

Rhumbline Advisers trimmed its position in Eaton Co. plc (NYSE:ETN) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 702,064 shares of the industrial products company’s stock after selling 21,835 shares during the quarter. Rhumbline Advisers owned approximately 0.18% of Eaton worth $232,994,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. boosted its holdings in Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock valued at $13,533,000 after purchasing an additional 13,497 shares during the period. Lighthouse Wealth Management Inc. purchased a new position in Eaton during the fourth quarter worth about $297,000. Webster Bank N. A. increased its stake in Eaton by 52.4% in the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock worth $5,949,000 after acquiring an additional 6,166 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after acquiring an additional 790 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Eaton by 13.2% during the 4th 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 during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Eaton stock opened at $309.21 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market cap of $122.20 billion, a P/E ratio of 32.55, a P/E/G ratio of 2.37 and a beta of 1.05. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The firm has a 50-day moving average of $338.45 and a 200-day moving average of $331.30.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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 return on equity of 22.62% and a net margin of 15.25%. During the same period last year, the company posted $2.55 EPS. Sell-side analysts expect that Eaton Co. plc will post 12.04 EPS for the current year.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Jefferies Financial Group increased their target price on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada dropped their price target on Eaton from $407.00 to $405.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Finally, Mizuho increased their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.20.

Insider Buying and Selling at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the sale, the director now owns 43,203 shares in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% 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.