Perpetual Ltd Sells 2,541 Shares of Eaton Co. plc (NYSE:ETN)

Perpetual Ltd reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 37.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,285 shares of the industrial products company’s stock after selling 2,541 shares during the period. Perpetual Ltd’s holdings in Eaton were worth $1,422,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. boosted its stake in shares of 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 during the period. Scientech Research LLC lifted its holdings in Eaton by 285.5% during the 2nd quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after buying an additional 4,254 shares in the last quarter. Eastover Investment Advisors LLC purchased a new stake in Eaton in the 4th quarter valued at about $6,167,000. Neville Rodie & Shaw Inc. grew its stake in Eaton by 6.8% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 38,386 shares of the industrial products company’s stock worth $12,739,000 after acquiring an additional 2,428 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Eaton during the third quarter worth approximately $1,160,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction on Friday, December 13th. The shares were 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 in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 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 of the company’s stock, valued at $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,981 shares of company stock valued at $27,660,117. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ETN. UBS Group assumed coverage on Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective on the stock. Barclays raised their price target on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Royal Bank of Canada increased their target price on shares of Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective on the stock. Finally, Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Four research 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

Eaton Price Performance

Shares of ETN opened at $357.45 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The company’s fifty day moving average price is $353.82 and its 200-day moving average price is $330.17. Eaton Co. plc has a 1-year low of $239.17 and a 1-year high of $379.99. The firm has a market capitalization of $141.27 billion, a PE ratio of 38.03, a price-to-earnings-growth ratio of 2.40 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the business earned $2.47 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

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.