Redmond Asset Management LLC Makes New $1.11 Million Investment in Eaton Co. plc (NYSE:ETN)

Redmond Asset Management LLC acquired a new position in Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,334 shares of the industrial products company’s stock, valued at approximately $1,106,000.

A number of other institutional investors have also recently made changes to their positions in ETN. Foundations Investment Advisors LLC grew its holdings in shares of Eaton by 17.4% during the third quarter. Foundations Investment Advisors LLC now owns 1,830 shares of the industrial products company’s stock valued at $607,000 after buying an additional 271 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of Eaton by 16.7% during the third quarter. Private Advisor Group LLC now owns 38,564 shares of the industrial products company’s stock valued at $12,782,000 after buying an additional 5,508 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Eaton by 27,075.5% during the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after buying an additional 1,070,024 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Eaton by 11.0% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,351 shares of the industrial products company’s stock valued at $1,111,000 after buying an additional 332 shares during the last quarter. Finally, Moody Aldrich Partners LLC purchased a new stake in Eaton in the third quarter worth approximately $328,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction on 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 completion of the transaction, the director now directly owns 43,203 shares of the company’s stock, valued at $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ETN shares. Barclays raised their target price on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Royal Bank of Canada dropped their target price on shares of Eaton from $407.00 to $405.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Citigroup dropped their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Evercore ISI decreased their price target on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday. Finally, Mizuho increased their price target on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $366.05.

Eaton Stock Performance

Shares of NYSE ETN opened at $297.11 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market cap of $117.42 billion, a P/E ratio of 31.27, a P/E/G ratio of 2.65 and a beta of 1.05. The firm’s fifty day moving average is $331.97 and its two-hundred day moving average is $332.05. Eaton Co. plc has a 52-week low of $255.65 and a 52-week 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, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period in the prior year, the company posted $2.55 EPS. As a group, analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal 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.