Wedbush Securities Inc. Decreases Position in Eaton Co., PLC (ETN)
Wedbush Securities Inc. cut its position in shares of Eaton Co., PLC (NYSE:ETN) by 12.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,702 shares of the industrial products company’s stock after selling 1,060 shares during the quarter. Wedbush Securities Inc.’s holdings in Eaton were worth $609,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in shares of Eaton during the fourth quarter worth about $2,019,000. Tower Research Capital LLC TRC grew its stake in Eaton by 10,695.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,989 shares of the industrial products company’s stock valued at $631,000 after purchasing an additional 7,915 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in Eaton by 4.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,334,366 shares of the industrial products company’s stock valued at $184,438,000 after purchasing an additional 106,209 shares in the last quarter. BlackRock Inc. grew its stake in Eaton by 0.9% in the fourth quarter. BlackRock Inc. now owns 29,251,387 shares of the industrial products company’s stock valued at $2,311,153,000 after purchasing an additional 255,214 shares in the last quarter. Finally, Bridges Investment Counsel Inc. grew its stake in Eaton by 5.4% in the fourth quarter. Bridges Investment Counsel Inc. now owns 15,225 shares of the industrial products company’s stock valued at $1,203,000 after purchasing an additional 775 shares in the last quarter. Institutional investors and hedge funds own 74.74% of the company’s stock.
A number of research firms have weighed in on ETN. Stifel Nicolaus restated a “hold” rating and issued a $80.00 price target on shares of Eaton in a research note on Monday, December 11th. ValuEngine upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Jefferies Group restated a “hold” rating and issued a $90.00 price target on shares of Eaton in a research note on Friday, February 2nd. Barclays began coverage on Eaton in a research note on Thursday, February 15th. They issued an “equal weight” rating and a $90.00 price target for the company. Finally, Zacks Investment Research upgraded Eaton from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $87.57.
Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.04. The company had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.10 billion. Eaton had a return on equity of 12.84% and a net margin of 14.60%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm posted $1.12 earnings per share. sell-side analysts anticipate that Eaton Co., PLC will post 5.14 EPS for the current year.
In related news, insider Ken D. Semelsberger sold 15,595 shares of Eaton stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $82.67, for a total transaction of $1,289,238.65. Following the completion of the sale, the insider now directly owns 104,613 shares of the company’s stock, valued at approximately $8,648,356.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Nandakumar Cheruvatath sold 10,000 shares of Eaton stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $77.50, for a total value of $775,000.00. Following the sale, the insider now directly owns 16,571 shares of the company’s stock, valued at $1,284,252.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,029 shares of company stock valued at $3,195,143. 0.80% of the stock is currently owned by insiders.
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Eaton Company Profile
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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