Abacus Wealth Partners LLC Sells 89 Shares of Eaton Co. plc (NYSE:ETN)

Abacus Wealth Partners LLC decreased its position in Eaton Co. plc (NYSE:ETN) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,371 shares of the industrial products company’s stock after selling 89 shares during the period. Eaton accounts for 0.2% of Abacus Wealth Partners LLC’s portfolio, making the stock its 27th largest position. Abacus Wealth Partners LLC’s holdings in Eaton were worth $1,119,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Horizon Bancorp Inc. IN raised its position in shares of Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 74 shares during the last quarter. Morse Asset Management Inc acquired a new stake in shares of Eaton during the third quarter worth $33,000. West Financial Advisors LLC acquired a new stake in shares of Eaton during the third quarter worth $35,000. DT Investment Partners LLC bought a new stake in Eaton in the third quarter valued at about $37,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in Eaton in the third quarter valued at about $44,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their price target on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. lowered their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Bank of America increased their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Wells Fargo & Company dropped their price objective on Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $368.89.

Eaton Trading Up 0.4 %

NYSE:ETN opened at $346.54 on Tuesday. The company has a market cap of $136.95 billion, a P/E ratio of 36.87, a price-to-earnings-growth ratio of 2.27 and a beta of 1.06. Eaton Co. plc has a twelve month low of $236.20 and a twelve month high of $379.99. The business has a 50 day moving average price of $354.32 and a two-hundred day moving average price of $329.97. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the company posted $2.47 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. As a group, analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Insider Activity

In other news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s 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 owns 31,200 shares in the company, valued at approximately $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. Insiders sold 76,981 shares of company stock worth $27,660,117 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

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.