Edge Capital Group LLC Has $272,000 Position in Eaton Co. plc (NYSE:ETN)

Edge Capital Group LLC raised its holdings in Eaton Co. plc (NYSE:ETN) by 28.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 819 shares of the industrial products company’s stock after buying an additional 181 shares during the quarter. Edge Capital Group LLC’s holdings in Eaton were worth $272,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Groupama Asset Managment boosted its stake in Eaton by 83.2% during the 3rd 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 during the last quarter. 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 purchased a new position in shares of Eaton during the third quarter valued at approximately $33,000. Activest Wealth Management grew its holdings in Eaton by 621.4% during the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after buying an additional 87 shares in the last quarter. Finally, Hager Investment Management Services LLC purchased a new stake in Eaton in the 4th quarter valued at $38,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ETN shares. 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 research note on Monday, January 13th. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Bank of America lifted their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Mizuho upped their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Sanford C. Bernstein assumed coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $366.05.

Insiders Place Their Bets

In other news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.53% of the stock is owned by corporate insiders.

Eaton Stock Performance

Shares of ETN stock opened at $289.68 on Tuesday. The firm’s 50 day moving average is $330.66 and its 200 day moving average is $332.83. The stock has a market capitalization of $114.48 billion, a P/E ratio of 30.49, a PEG ratio of 2.64 and a beta of 1.05. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last posted its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the company earned $2.55 EPS. On average, sell-side analysts anticipate that Eaton Co. plc will post 12.02 earnings per share 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.