Perigon Wealth Management LLC Boosts Stock Position in Eaton Co. plc (NYSE:ETN)

Perigon Wealth Management LLC lifted its holdings in Eaton Co. plc (NYSE:ETN) by 10.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,754 shares of the industrial products company’s stock after purchasing an additional 643 shares during the quarter. Perigon Wealth Management LLC’s holdings in Eaton were worth $2,331,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Groupama Asset Managment grew its holdings in shares of Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN grew 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 purchased a new position in shares of Eaton in the third quarter valued at $33,000. West Financial Advisors LLC purchased a new position in shares of Eaton in the third quarter valued at $35,000. Finally, DT Investment Partners LLC purchased a new position in Eaton during the third quarter worth $37,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

ETN stock opened at $317.90 on Thursday. 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 firm has a market capitalization of $125.63 billion, a P/E ratio of 33.82, a P/E/G ratio of 2.57 and a beta of 1.06. The business’s 50-day moving average is $351.98 and its two-hundred day moving average is $331.21. Eaton Co. plc has a 1 year low of $245.65 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings results 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. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.47 EPS. Analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Eaton

In other news, 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 sale, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,981 shares of company stock valued at $27,660,117 in the last quarter. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on ETN shares. UBS Group assumed coverage on shares of Eaton in a research note on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Melius Research restated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a report on Tuesday. Citigroup reduced their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a report on Monday, January 13th. 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 report on Tuesday. Finally, Royal Bank of Canada boosted their price target on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.