Eaton Co. plc (NYSE:ETN) Stake Decreased by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 12.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,313 shares of the industrial products company’s stock after selling 3,300 shares during the period. Eaton accounts for about 0.9% of Red Cedar Investment Management LLC’s investment portfolio, making the stock its 16th biggest holding. Red Cedar Investment Management LLC’s holdings in Eaton were worth $7,405,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ETN. Wetzel Investment Advisors Inc. raised its holdings in Eaton by 0.9% during the fourth quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company’s stock worth $1,029,000 after purchasing an additional 28 shares in the last quarter. Fairfield Financial Advisors LTD raised its holdings in Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 30 shares in the last quarter. Westmount Partners LLC raised its holdings in Eaton by 3.1% during the fourth quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock worth $327,000 after purchasing an additional 30 shares in the last quarter. Signal Advisors Wealth LLC raised its holdings in Eaton by 3.5% during the fourth quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company’s stock worth $297,000 after purchasing an additional 30 shares in the last quarter. Finally, Lantz Financial LLC raised its holdings in Eaton by 4.8% during the fourth quarter. Lantz Financial LLC now owns 659 shares of the industrial products company’s stock worth $219,000 after purchasing an additional 30 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 0.5 %

NYSE ETN opened at $309.21 on Friday. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. 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 company has a market capitalization of $122.20 billion, a PE ratio of 32.55, a price-to-earnings-growth ratio of 2.37 and a beta of 1.05. The firm’s fifty day simple moving average is $338.45 and its 200-day simple moving average is $331.30.

Eaton (NYSE:ETN) last posted its quarterly 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 EPS. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ETN. JPMorgan Chase & Co. dropped their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. UBS Group began coverage on Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Mizuho upped their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. Finally, Citigroup dropped their price target on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $369.20.

Insider Transactions 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 shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares of the company’s stock, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction on Monday, November 25th. The stock was 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 in the company, valued at $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

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.