Gateway Wealth Partners LLC Raises Position in Eaton Co. plc (NYSE:ETN)

Gateway Wealth Partners LLC raised its position in shares of Eaton Co. plc (NYSE:ETN) by 30.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,083 shares of the industrial products company’s stock after purchasing an additional 251 shares during the period. Gateway Wealth Partners LLC’s holdings in Eaton were worth $359,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Horizon Bancorp Inc. IN grew its stake 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 worth $32,000 after acquiring an additional 74 shares during the period. Morse Asset Management Inc bought a new position in Eaton during the third quarter worth about $33,000. West Financial Advisors LLC purchased a new position in shares of Eaton in the third quarter worth about $35,000. DT Investment Partners LLC bought a new stake in shares of Eaton in the third quarter valued at approximately $37,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in shares of Eaton during the 3rd quarter valued at approximately $44,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ETN has been the topic of a number of analyst reports. 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 report on Tuesday, January 7th. Melius cut Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a research report on Tuesday. Citigroup reduced their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Melius Research reiterated a “hold” rating and issued a $373.00 target price on shares of Eaton in a research note on Tuesday. Finally, Sanford C. Bernstein assumed coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $369.30.

Eaton Price Performance

Shares of Eaton stock opened at $317.90 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a 52-week low of $245.65 and a 52-week high of $379.99. The company has a fifty day moving average of $351.98 and a 200-day moving average of $331.21. The stock has a market capitalization of $125.63 billion, a price-to-earnings ratio of 33.82, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same period last year, the firm earned $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 10,000 shares of Eaton 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 transaction, the director now directly owns 43,203 shares of the company’s stock, valued at $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,981 shares of company stock worth $27,660,117 in the last ninety days. 0.53% of the stock is owned by insiders.

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.