SteelPeak Wealth LLC Has $1.83 Million Stake in Eaton Co. plc (NYSE:ETN)

SteelPeak Wealth LLC boosted its position in shares of Eaton Co. plc (NYSE:ETN) by 48.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,503 shares of the industrial products company’s stock after acquiring 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.

A number of other hedge funds also recently bought and sold shares of the company. Ascent Group LLC grew its holdings in shares of Eaton by 7.2% during the 2nd quarter. Ascent Group LLC now owns 792 shares of the industrial products company’s stock worth $248,000 after purchasing an additional 53 shares in the last quarter. Quarry LP acquired a new stake in shares of Eaton during the second quarter worth approximately $84,000. Dana Investment Advisors Inc. raised its position in Eaton by 1.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 23,461 shares of the industrial products company’s stock valued at $7,356,000 after purchasing an additional 334 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in Eaton during the 2nd quarter worth about $182,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Eaton during the second quarter valued at approximately $27,653,000. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a research note on Tuesday. Jefferies Financial Group raised their price target on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Barclays lifted their price target on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Citigroup decreased their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Royal Bank of Canada raised their price objective on Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $369.30.

Eaton Stock Up 1.7 %

ETN stock opened at $317.90 on Thursday. The company has a market cap 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. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 52 week low of $245.65 and a 52 week high of $379.99. The business has a 50-day simple moving average of $351.98 and a 200 day simple moving average of $331.21.

Eaton (NYSE:ETN) last issued its quarterly 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. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.47 EPS. Sell-side analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of the 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 transaction, the director now directly owns 51,422 shares of the company’s stock, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,981 shares of company stock worth $27,660,117 over the last three months. Corporate insiders own 0.53% of the company’s stock.

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.