Summit Financial Strategies Inc. Decreases Holdings in Eaton Co. plc (NYSE:ETN)

Summit Financial Strategies Inc. lowered its position in Eaton Co. plc (NYSE:ETN) by 7.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,690 shares of the industrial products company’s stock after selling 140 shares during the period. Summit Financial Strategies Inc.’s holdings in Eaton were worth $561,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. lifted its stake in shares of Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock worth $13,533,000 after purchasing an additional 13,497 shares during the period. Ballentine Partners LLC increased its holdings in Eaton by 9.3% during the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after buying an additional 790 shares during the last quarter. Dakota Wealth Management raised its position in Eaton by 8.8% in the fourth quarter. Dakota Wealth Management now owns 49,436 shares of the industrial products company’s stock worth $16,406,000 after acquiring an additional 4,011 shares during the period. Eastover Investment Advisors LLC purchased a new position in shares of Eaton during the 4th quarter worth $6,167,000. Finally, Neville Rodie & Shaw Inc. grew its position in shares of Eaton by 6.8% during the 4th quarter. Neville Rodie & Shaw Inc. now owns 38,386 shares of the industrial products company’s stock valued at $12,739,000 after acquiring an additional 2,428 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN stock opened at $368.63 on Monday. The firm has a market capitalization of $145.68 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 2.57 and a beta of 1.06. Eaton Co. plc has a 52 week low of $241.87 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 fifty day simple moving average of $353.96 and a two-hundred day simple moving average of $331.47.

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. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the company earned $2.47 EPS. Analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Eaton news, 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 transaction of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,981 shares of company stock valued at $27,660,117 over the last three months. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on ETN. Royal Bank of Canada boosted their price target on Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Barclays boosted their price objective on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Sanford C. Bernstein began coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Finally, Citigroup lowered their target price on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $368.89.

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.