Eaton Co. plc (NYSE:ETN) Position Trimmed by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 91.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,100 shares of the industrial products company’s stock after selling 22,880 shares during the quarter. Eaton makes up 0.2% of BOCHK Asset Management Ltd’s investment portfolio, making the stock its 27th largest holding. BOCHK Asset Management Ltd’s holdings in Eaton were worth $697,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. R Squared Ltd bought a new position in Eaton during the fourth quarter valued at approximately $1,019,000. Gateway Wealth Partners LLC raised its holdings in shares of Eaton by 30.2% during the 4th quarter. Gateway Wealth Partners LLC now owns 1,083 shares of the industrial products company’s stock valued at $359,000 after purchasing an additional 251 shares in the last quarter. SteelPeak Wealth LLC lifted its stake in shares of Eaton by 48.2% in the 4th quarter. SteelPeak Wealth LLC now owns 5,503 shares of the industrial products company’s stock valued at $1,826,000 after purchasing an additional 1,789 shares during the last quarter. Mayflower Financial Advisors LLC boosted its holdings in Eaton by 1.6% in the fourth quarter. Mayflower Financial Advisors LLC now owns 3,167 shares of the industrial products company’s stock worth $1,051,000 after purchasing an additional 49 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its position in Eaton by 147.2% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 3,523 shares of the industrial products company’s stock worth $1,169,000 after buying an additional 2,098 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares in the company, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,981 shares of company stock worth $27,660,117 over the last quarter. Company insiders own 0.53% of the company’s stock.

Eaton Stock Up 0.2 %

ETN stock opened at $312.26 on Wednesday. Eaton Co. plc has a twelve month low of $244.35 and a twelve month high of $379.99. The company has a market cap of $123.41 billion, a PE ratio of 33.22, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06. The business’s 50-day simple moving average is $351.98 and its 200 day simple moving average is $331.21. 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 released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 period last year, the business earned $2.47 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, research analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Melius downgraded 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. Wells Fargo & Company lowered their target price on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and increased their target price for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Citigroup lowered 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, Melius Research reissued a “hold” rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $369.30.

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.