Cornerstone Wealth Group LLC Cuts Position in Eaton Co. plc (NYSE:ETN)

Cornerstone Wealth Group LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 34.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,176 shares of the industrial products company’s stock after selling 5,319 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Eaton were worth $3,377,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new position in shares of Eaton in the 2nd quarter worth approximately $400,000. Maverick Capital Ltd. purchased a new position in Eaton in the second quarter worth $782,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Eaton during the second quarter worth $2,383,000. Ascent Group LLC lifted its holdings in shares of Eaton by 7.2% during the 2nd quarter. Ascent Group LLC now owns 792 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 53 shares during the last quarter. Finally, Aviso Wealth Management boosted its position in shares of Eaton by 13.4% in the 2nd quarter. Aviso Wealth Management now owns 785 shares of the industrial products company’s stock worth $246,000 after purchasing an additional 93 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price on the stock. Royal Bank of Canada upped their price objective on shares of Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. JPMorgan Chase & Co. dropped their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Wells Fargo & Company decreased their price target on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Finally, Barclays boosted their price objective on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $368.89.

Insider Activity at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on 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 transaction, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,981 shares of company stock worth $27,660,117 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Eaton Trading Down 0.3 %

Shares of NYSE:ETN opened at $368.63 on Monday. The company has a market capitalization of $145.68 billion, a PE ratio of 39.22, a PEG ratio of 2.57 and a beta of 1.06. Eaton Co. plc has a 12-month low of $241.87 and a 12-month high of $379.99. The business has a 50 day moving average of $353.96 and a two-hundred day moving average of $331.44. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

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.