Alethea Capital Management LLC Cuts Stake in Eaton Co. plc (NYSE:ETN)

Alethea Capital Management LLC lowered its position in Eaton Co. plc (NYSE:ETN) by 17.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,700 shares of the industrial products company’s stock after selling 800 shares during the quarter. Alethea Capital Management LLC’s holdings in Eaton were worth $548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ETN. Amundi purchased a new stake in shares of Eaton during the second quarter valued at approximately $327,248,000. Bessemer Group Inc. boosted its stake in shares of Eaton by 283.1% during the second quarter. Bessemer Group Inc. now owns 2,455,214 shares of the industrial products company’s stock valued at $363,814,000 after purchasing an additional 1,814,350 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Eaton by 256.8% during the second quarter. Clearbridge Investments LLC now owns 1,537,683 shares of the industrial products company’s stock valued at $227,854,000 after purchasing an additional 1,106,756 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Eaton by 16.1% during the first quarter. Nuveen Asset Management LLC now owns 5,686,468 shares of the industrial products company’s stock valued at $786,325,000 after purchasing an additional 787,040 shares during the period. Finally, Macquarie Group Ltd. lifted its stake in Eaton by 473.7% in the second quarter. Macquarie Group Ltd. now owns 908,635 shares of the industrial products company’s stock worth $134,642,000 after acquiring an additional 750,246 shares during the period. 77.63% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:ETN traded up $0.31 on Wednesday, hitting $161.65. 13,250 shares of the company traded hands, compared to its average volume of 1,879,242. Eaton Co. plc has a 52 week low of $101.52 and a 52 week high of $171.32. The company has a quick ratio of 0.80, a current ratio of 1.10 and a debt-to-equity ratio of 0.56. The stock has a 50 day simple moving average of $160.76 and a 200-day simple moving average of $152.41. The company has a market cap of $64.46 billion, a PE ratio of 34.40, a PEG ratio of 2.14 and a beta of 1.15.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, August 3rd. The industrial products company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.57 by $0.15. Eaton had a return on equity of 15.03% and a net margin of 9.86%. The company had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the company earned $0.70 EPS. Eaton’s revenue for the quarter was up 35.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Eaton Co. plc will post 6.82 earnings per share for the current year.

In other news, insider Joao V. Faria sold 2,201 shares of Eaton stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $163.01, for a total transaction of $358,785.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher M. Connor acquired 1,000 shares of the stock in a transaction dated Wednesday, August 11th. The shares were bought at an average cost of $167.34 per share, for a total transaction of $167,340.00. The disclosure for this purchase can be found here. Insiders sold 41,919 shares of company stock worth $6,980,872 over the last three months. Insiders own 0.53% of the company’s stock.

A number of analysts recently commented on the company. Credit Suisse Group raised their price target on Eaton from $163.00 to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 4th. Deutsche Bank Aktiengesellschaft raised their price target on Eaton from $166.00 to $169.00 and gave the stock a “buy” rating in a research note on Wednesday, July 14th. Wells Fargo & Company assumed coverage on Eaton in a research note on Thursday, October 7th. They issued an “equal weight” rating and a $159.00 price target for the company. Royal Bank of Canada raised their price target on Eaton from $146.00 to $154.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 4th. Finally, UBS Group increased their price objective on Eaton from $165.00 to $186.00 and gave the stock a “buy” rating in a report on Wednesday, August 11th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $163.39.

Eaton Profile

Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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