Pegasus Asset Management Inc. Lowers Stock Holdings in Eaton Co. plc (NYSE:ETN)

Pegasus Asset Management Inc. lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,737 shares of the industrial products company’s stock after selling 318 shares during the period. Eaton comprises 3.8% of Pegasus Asset Management Inc.’s holdings, making the stock its 6th largest holding. Pegasus Asset Management Inc.’s holdings in Eaton were worth $10,201,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Wetzel Investment Advisors Inc. grew its stake in Eaton by 0.9% in the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company’s stock worth $1,029,000 after buying an additional 28 shares in the last quarter. Fairfield Financial Advisors LTD boosted its stake in shares of Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 30 shares during the period. Westmount Partners LLC raised its holdings in Eaton by 3.1% during the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock valued at $327,000 after buying an additional 30 shares during the last quarter. Signal Advisors Wealth LLC boosted its holdings in shares of 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 during the period. Finally, Lantz Financial LLC raised its position in Eaton by 4.8% during the 4th quarter. Lantz Financial LLC now owns 659 shares of the industrial products company’s stock valued at $219,000 after purchasing an additional 30 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Stock Up 1.3 %

Shares of Eaton stock opened at $313.04 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a twelve month low of $255.65 and a twelve month high of $379.99. The company has a market cap of $123.71 billion, a price-to-earnings ratio of 32.95, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. The company’s 50 day moving average is $335.20 and its 200 day moving average is $332.20.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) 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 in the prior year, the company posted $2.55 EPS. Research analysts anticipate that Eaton Co. plc will post 12.03 EPS for the current year.

Insider Transactions at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $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. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ETN shares. Sanford C. Bernstein started coverage on Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target for the company. 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 note on Tuesday, January 28th. Jefferies Financial Group increased their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Barclays upped their target price on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price target on Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Six research 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 presently has an average rating of “Moderate Buy” and an average price target of $369.20.

About Eaton

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.