Foster & Motley Inc. Lowers Stake in Eaton Co. plc (NYSE:ETN)

Foster & Motley Inc. reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 19.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,319 shares of the industrial products company’s stock after selling 1,502 shares during the quarter. Foster & Motley Inc.’s holdings in Eaton were worth $2,097,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Ibex Wealth Advisors purchased a new stake in shares of Eaton during the fourth quarter valued at $355,000. Orrstown Financial Services Inc. boosted its stake in shares of Eaton by 9.5% during the fourth quarter. Orrstown Financial Services Inc. now owns 3,449 shares of the industrial products company’s stock valued at $1,145,000 after purchasing an additional 298 shares during the period. Strategic Blueprint LLC lifted its stake in Eaton by 1.6% in the fourth quarter. Strategic Blueprint LLC now owns 4,958 shares of the industrial products company’s stock worth $1,645,000 after acquiring an additional 78 shares during the period. Hantz Financial Services Inc. lifted its stake in Eaton by 1.6% in the fourth quarter. Hantz Financial Services Inc. now owns 25,281 shares of the industrial products company’s stock worth $8,390,000 after acquiring an additional 409 shares during the period. Finally, R Squared Ltd purchased a new stake in Eaton in the fourth quarter worth about $1,019,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

ETN opened at $327.08 on Friday. Eaton Co. plc has a 52-week low of $245.65 and a 52-week high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The company has a market cap of $129.26 billion, a P/E ratio of 34.80, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06. The firm’s 50-day moving average price is $351.13 and its 200-day moving average price is $331.12.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the company posted $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory R. Page sold 10,000 shares of the stock in a transaction that occurred 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 owns 43,203 shares in the company, valued at approximately $15,379,403.94. This trade represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,981 shares of company stock worth $26,318,917. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a research note on Tuesday. Citigroup lowered their price objective 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. Finally, Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and increased their price target for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Six investment 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, Eaton has an average rating of “Moderate Buy” and a consensus price target of $369.30.

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.