Mengis Capital Management Inc. Grows Stock Position in Eaton Co. plc (NYSE:ETN)

Mengis Capital Management Inc. increased its position in shares of Eaton Co. plc (NYSE:ETN) by 5.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,772 shares of the industrial products company’s stock after buying an additional 145 shares during the quarter. Mengis Capital Management Inc.’s holdings in Eaton were worth $920,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ETN. Geode Capital Management LLC raised its position in Eaton by 0.7% in the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock valued at $2,665,342,000 after purchasing an additional 56,516 shares during the period. Franklin Resources Inc. raised its position in Eaton by 15.1% in the third quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after purchasing an additional 316,830 shares during the period. Janus Henderson Group PLC raised its position in Eaton by 32.8% in the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock valued at $801,798,000 after purchasing an additional 597,700 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Eaton by 253.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after purchasing an additional 1,629,856 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Eaton by 1.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,436,051 shares of the industrial products company’s stock valued at $476,582,000 after purchasing an additional 13,862 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In other news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.53% of the company’s stock.

Eaton Stock Down 2.6 %

Shares of NYSE ETN opened at $289.68 on Tuesday. The company has a market capitalization of $114.48 billion, a price-to-earnings ratio of 30.49, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The business has a 50-day moving average of $330.66 and a two-hundred day moving average of $332.83. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business posted $2.55 earnings per share. On average, analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

ETN has been the topic of a number of research analyst reports. Melius Research reissued a “hold” rating and issued a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Evercore ISI cut their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Citigroup cut their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Melius lowered Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a report on Tuesday, January 28th. Finally, Wells Fargo & Company reiterated an “equal weight” rating on shares of Eaton in a report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $366.05.

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.