Eaton Co. plc (NYSE:ETN) Shares Bought by Red Spruce Capital LLC

Red Spruce Capital LLC increased its holdings in Eaton Co. plc (NYSE:ETN) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,418 shares of the industrial products company’s stock after purchasing an additional 409 shares during the period. Eaton accounts for 2.0% of Red Spruce Capital LLC’s investment portfolio, making the stock its 12th biggest position. Red Spruce Capital LLC’s holdings in Eaton were worth $4,453,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Beaumont Financial Advisors LLC grew its stake in Eaton by 7.5% during the fourth quarter. Beaumont Financial Advisors LLC now owns 1,368 shares of the industrial products company’s stock worth $454,000 after buying an additional 96 shares during the period. Proquility Private Wealth Partners LLC increased its position in Eaton by 2.0% in the fourth quarter. Proquility Private Wealth Partners LLC now owns 8,422 shares of the industrial products company’s stock worth $2,795,000 after buying an additional 162 shares during the period. Atomi Financial Group Inc. increased its position in Eaton by 13.2% in the 4th quarter. Atomi Financial Group Inc. now owns 4,559 shares of the industrial products company’s stock valued at $1,513,000 after acquiring an additional 532 shares during the period. Chesley Taft & Associates LLC raised its position in shares of Eaton by 2.8% during the 4th quarter. Chesley Taft & Associates LLC now owns 9,833 shares of the industrial products company’s stock worth $3,263,000 after buying an additional 270 shares in the last quarter. Finally, Clear Harbor Asset Management LLC lifted its stake in Eaton by 18.9% during the fourth quarter. Clear Harbor Asset Management LLC now owns 1,242 shares of the industrial products company’s stock valued at $412,000 after purchasing an additional 197 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the firm’s 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 directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,981 shares of company stock valued at $27,660,117. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ETN. UBS Group initiated coverage on shares of Eaton in a research note on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price for the company. Wells Fargo & Company cut their price objective on Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Mizuho increased their target price on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, 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. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

Eaton Trading Up 3.2 %

ETN opened at $357.45 on Wednesday. The firm’s fifty day simple moving average is $353.82 and its 200 day simple moving average is $330.17. Eaton Co. plc has a 12 month low of $239.17 and a 12 month high of $379.99. The stock has a market capitalization of $141.27 billion, a P/E ratio of 38.03, a P/E/G ratio of 2.40 and a beta of 1.06. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

Eaton Company 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.