State of Alaska Department of Revenue Reduces Stake in Eaton Co. plc (NYSE:ETN)

State of Alaska Department of Revenue reduced its stake in Eaton Co. plc (NYSE:ETN) by 15.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,060 shares of the industrial products company’s stock after selling 8,324 shares during the period. State of Alaska Department of Revenue’s holdings in Eaton were worth $14,954,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Horizon Bancorp Inc. IN raised its stake in Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 74 shares in the last quarter. Morse Asset Management Inc purchased a new stake in Eaton in the 3rd quarter valued at $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton in the third quarter valued at about $35,000. DT Investment Partners LLC acquired a new stake in Eaton during the 3rd quarter worth approximately $37,000. Finally, Hager Investment Management Services LLC purchased a new position in shares of Eaton in the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the subject of several recent research reports. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their price target for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Sanford C. Bernstein began coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price on the stock. Royal Bank of Canada reduced their price objective on shares of Eaton from $407.00 to $405.00 and set an “outperform” rating for the company in a research report on Monday. 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 research report on Wednesday, January 15th. Finally, Melius Research reissued a “hold” rating and issued a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $369.20.

Insider Transactions at Eaton

In related news, 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 value of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page sold 10,000 shares of the business’s 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 transaction, the director now owns 43,203 shares in the company, valued at approximately $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 0.33% of the company’s stock.

Eaton Stock Up 0.1 %

Shares of NYSE ETN opened at $315.04 on Thursday. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99. The firm’s 50 day moving average price is $346.77 and its 200 day moving average price is $331.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market cap of $124.50 billion, a P/E ratio of 33.16, a price-to-earnings-growth ratio of 2.27 and a beta of 1.05.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (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 period in the prior year, the business earned $2.55 earnings per share. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12 earnings per share for the current year.

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.