Sumitomo Life Insurance Co. Sells 183 Shares of Eaton Co. plc (NYSE:ETN)

Sumitomo Life Insurance Co. lessened its stake in Eaton Co. plc (NYSE:ETN) by 1.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,785 shares of the industrial products company’s stock after selling 183 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Eaton were worth $4,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Horizon Bancorp Inc. IN lifted its holdings in shares of Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares in the last quarter. Morse Asset Management Inc acquired a new stake in Eaton in the 3rd quarter valued at approximately $33,000. West Financial Advisors LLC acquired a new position in Eaton during the 3rd quarter worth approximately $35,000. DT Investment Partners LLC bought a new position in shares of Eaton during the 3rd quarter worth approximately $37,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Eaton in the third quarter valued at approximately $44,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Trading Up 0.2 %

Shares of ETN stock opened at $312.26 on Wednesday. Eaton Co. plc has a 12-month low of $244.35 and a 12-month high of $379.99. The firm has a 50 day moving average price of $353.01 and a two-hundred day moving average price of $331.34. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The company has a market capitalization 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.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research report on Tuesday. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and lifted their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. lowered their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Barclays increased their price objective on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $369.30.

Insider Activity at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares in the company, valued at approximately $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 SEC, which is accessible through this link. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,981 shares of company stock worth $27,660,117. Corporate insiders own 0.53% of the company’s stock.

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.