Montecito Bank & Trust Trims Stock Position in Eaton Co. plc (NYSE:ETN)

Montecito Bank & Trust lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 6.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,688 shares of the industrial products company’s stock after selling 361 shares during the period. Montecito Bank & Trust’s holdings in Eaton were worth $1,888,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ETN. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Eaton during the second quarter valued at approximately $338,000. AQR Capital Management LLC grew its position in shares of Eaton by 63.6% in the second quarter. AQR Capital Management LLC now owns 509,906 shares of the industrial products company’s stock valued at $159,881,000 after purchasing an additional 198,180 shares during the period. APG Asset Management N.V. increased its stake in Eaton by 33.7% in the second quarter. APG Asset Management N.V. now owns 199,553 shares of the industrial products company’s stock valued at $58,381,000 after purchasing an additional 50,340 shares during the last quarter. Electron Capital Partners LLC boosted its stake in Eaton by 8,348.9% in the 2nd quarter. Electron Capital Partners LLC now owns 446,524 shares of the industrial products company’s stock worth $140,008,000 after buying an additional 441,239 shares during the last quarter. Finally, DE Burlo Group Inc. grew its holdings in Eaton by 74.6% in the 2nd quarter. DE Burlo Group Inc. now owns 62,740 shares of the industrial products company’s stock valued at $19,672,000 after buying an additional 26,800 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,981 shares of company stock worth $27,660,117. Insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN opened at $369.58 on Friday. 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 firm has a 50-day simple moving average of $353.61 and a 200 day simple moving average of $330.74. Eaton Co. plc has a fifty-two week low of $241.45 and a fifty-two week high of $379.99. The company has a market cap of $146.06 billion, a PE ratio of 39.32, a P/E/G ratio of 2.48 and a beta of 1.06.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the business posted $2.47 EPS. The business’s revenue was up 7.9% on a year-over-year basis. On average, sell-side analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current year.

Wall Street Analyst Weigh In

ETN has been the subject of several research reports. 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. Sanford C. Bernstein assumed coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Barclays increased their price objective on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. JPMorgan Chase & Co. reduced their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Finally, UBS Group initiated coverage on Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $368.89.

Eaton 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.