Confluence Wealth Services Inc. Reduces Stake in Eaton Co. plc (NYSE:ETN)

Confluence Wealth Services Inc. decreased its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.3% during the fourth quarter, HoldingsChannel reports. The firm owned 10,541 shares of the industrial products company’s stock after selling 363 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Eaton were worth $3,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ETN. Lion Street Advisors LLC increased its stake in shares of Eaton by 22.5% in the 4th quarter. Lion Street Advisors LLC now owns 2,826 shares of the industrial products company’s stock worth $938,000 after acquiring an additional 520 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Eaton by 34.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 53,963 shares of the industrial products company’s stock worth $18,013,000 after buying an additional 13,813 shares during the last quarter. Hager Investment Management Services LLC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $38,000. Stratos Wealth Advisors LLC raised its holdings in Eaton by 23.6% in the 4th quarter. Stratos Wealth Advisors LLC now owns 1,406 shares of the industrial products company’s stock worth $467,000 after acquiring an additional 268 shares during the last quarter. Finally, Stratos Wealth Partners LTD. lifted its position in Eaton by 5.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 29,023 shares of the industrial products company’s stock valued at $9,632,000 after acquiring an additional 1,436 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

ETN stock opened at $315.21 on Wednesday. The firm has a market cap of $124.57 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 2.27 and a beta of 1.05. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. 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 firm has a 50-day simple moving average of $346.77 and a two-hundred day simple moving average of $331.28.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share 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 last year, the business earned $2.55 EPS. On average, equities analysts forecast that Eaton Co. plc will post 12 EPS for the current fiscal year.

Insider Buying and Selling at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were 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 owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ETN shares. Jefferies Financial Group boosted their price target on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company decreased their target price on Eaton from $350.00 to $335.00 and set an “equal weight” rating for the company in a research report on Monday. Citigroup reduced their price target 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. UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Finally, Melius Research restated a “hold” rating and issued a $373.00 target price on shares of Eaton in a report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $369.20.

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.