Bank of New York Mellon Corp Has $1.04 Billion Stock Holdings in Eaton Co. plc (NYSE:ETN)

Bank of New York Mellon Corp lowered its stake in Eaton Co. plc (NYSE:ETN) by 2.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,130,214 shares of the industrial products company’s stock after selling 75,544 shares during the quarter. Bank of New York Mellon Corp’s holdings in Eaton were worth $1,038,824,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Groupama Asset Managment lifted its stake in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after buying an additional 4,298 shares during the period. Horizon Bancorp Inc. IN increased its stake in shares of Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 74 shares during the last quarter. Morse Asset Management Inc bought a new position in Eaton during the 3rd quarter worth approximately $33,000. Activest Wealth Management grew its holdings in Eaton by 621.4% during the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 87 shares during the period. Finally, Hager Investment Management Services LLC bought a new stake in Eaton in the fourth quarter valued at approximately $38,000. 82.97% of the stock is currently owned by institutional investors.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ETN. Citigroup reduced their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Evercore ISI reduced their target price on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Jefferies Financial Group lifted their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Melius Research reissued a “hold” rating and set a $373.00 target price on shares of Eaton in a research note on Tuesday, January 28th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $366.05.

Eaton Stock Down 2.6 %

Shares of ETN stock opened at $289.68 on Tuesday. The firm’s fifty day moving average price is $330.66 and its two-hundred day moving average price is $332.83. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $114.48 billion, a P/E ratio of 30.49, a PEG ratio of 2.64 and a beta of 1.05.

Eaton (NYSE:ETN) last released its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the prior year, the company earned $2.55 EPS. On average, equities analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

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.