Ellis Investment Partners LLC Sells 85 Shares of Eaton Co. plc (NYSE:ETN)

Ellis Investment Partners LLC trimmed its position in Eaton Co. plc (NYSE:ETN) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 983 shares of the industrial products company’s stock after selling 85 shares during the quarter. Ellis Investment Partners LLC’s holdings in Eaton were worth $326,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ETN. Creative Planning increased its stake in Eaton by 2.7% in the third quarter. Creative Planning now owns 181,067 shares of the industrial products company’s stock valued at $60,013,000 after acquiring an additional 4,705 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in Eaton by 3.7% in the third quarter. Stratos Wealth Partners LTD. now owns 27,587 shares of the industrial products company’s stock valued at $9,144,000 after acquiring an additional 990 shares during the last quarter. Moss Adams Wealth Advisors LLC increased its stake in Eaton by 11.8% in the third quarter. Moss Adams Wealth Advisors LLC now owns 776 shares of the industrial products company’s stock valued at $257,000 after acquiring an additional 82 shares during the last quarter. Capital Investment Advisors LLC boosted its position in Eaton by 3.0% in the third quarter. Capital Investment Advisors LLC now owns 5,440 shares of the industrial products company’s stock valued at $1,803,000 after buying an additional 158 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in Eaton by 21.2% in the third quarter. Commonwealth Equity Services LLC now owns 252,312 shares of the industrial products company’s stock valued at $83,626,000 after buying an additional 44,052 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were 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 in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of research analyst reports. 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. UBS Group initiated coverage on shares of Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price on the stock. Melius Research restated a “hold” rating and issued a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Citigroup cut their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada cut their target price on shares of Eaton from $407.00 to $405.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Six 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 company presently has an average rating of “Moderate Buy” and a consensus target price of $369.20.

Eaton Stock Performance

Shares of ETN opened at $309.21 on Monday. 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 stock has a market capitalization of $122.20 billion, a P/E 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 $337.21 and its two-hundred day simple moving average is $331.70. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating 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 quarter in the previous year, the company earned $2.55 EPS. As a group, analysts predict that Eaton Co. plc will post 12.04 EPS for the current year.

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.