Independence Bank of Kentucky Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

Independence Bank of Kentucky lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 27.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,167 shares of the industrial products company’s stock after buying an additional 1,330 shares during the quarter. Independence Bank of Kentucky’s holdings in Eaton were worth $2,047,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ETN. B. Riley Wealth Advisors Inc. lifted its holdings in Eaton by 48.9% during the third 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 in the last quarter. Lighthouse Wealth Management Inc. acquired a new position in shares of Eaton during the 4th quarter worth about $297,000. Webster Bank N. A. lifted 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 valued at $5,949,000 after buying an additional 6,166 shares in the last quarter. Ballentine Partners LLC boosted its holdings in Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after buying an additional 790 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Eaton by 13.2% during the fourth 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 owned by institutional investors and hedge funds.

Eaton Stock Down 0.2 %

Eaton stock opened at $326.32 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The firm has a 50 day moving average price of $349.23 and a 200 day moving average price of $331.08. Eaton Co. plc has a fifty-two week low of $245.65 and a fifty-two week high of $379.99. The company has a market capitalization of $128.96 billion, a PE ratio of 34.72, a price-to-earnings-growth ratio of 2.21 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 21.97% and a net margin of 15.32%. During the same quarter last year, the business posted $2.55 EPS. Research analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently commented on the company. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Wells Fargo & Company reduced their target price on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Jefferies Financial Group boosted their price target on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. 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. Finally, JPMorgan Chase & Co. dropped their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.30.

Insider Activity at Eaton

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction dated 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 sale, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the business’s 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 directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,981 shares of company stock worth $26,318,917. Corporate insiders own 0.53% of the company’s stock.

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.