Mechanics Bank Trust Department Increases Position in Eaton Co. plc (NYSE:ETN)

Mechanics Bank Trust Department raised its position in shares of Eaton Co. plc (NYSE:ETN) by 16.5% during the fourth quarter, HoldingsChannel reports. The firm owned 812 shares of the industrial products company’s stock after purchasing an additional 115 shares during the period. Mechanics Bank Trust Department’s holdings in Eaton were worth $269,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ETN. Diversify Advisory Services LLC raised its holdings in shares of Eaton by 45.1% during the 4th quarter. Diversify Advisory Services LLC now owns 1,579 shares of the industrial products company’s stock valued at $539,000 after buying an additional 491 shares in the last quarter. Diversify Wealth Management LLC grew its position in Eaton by 1.4% during the fourth quarter. Diversify Wealth Management LLC now owns 3,488 shares of the industrial products company’s stock valued at $1,191,000 after acquiring an additional 47 shares during the last quarter. Annex Advisory Services LLC raised its stake in shares of Eaton by 4.3% during the fourth quarter. Annex Advisory Services LLC now owns 28,233 shares of the industrial products company’s stock worth $9,370,000 after acquiring an additional 1,169 shares in the last quarter. Kaydan Wealth Management Inc. bought a new stake in shares of Eaton in the 4th quarter worth approximately $203,000. Finally, Clarius Group LLC boosted its stake in shares of Eaton by 16.1% in the 4th quarter. Clarius Group LLC now owns 3,505 shares of the industrial products company’s stock valued at $1,163,000 after purchasing an additional 486 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on ETN. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Mizuho increased their target price on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Sanford C. Bernstein started coverage on Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Barclays increased 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. Finally, JPMorgan Chase & Co. decreased their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $368.89.

Insiders Place Their Bets

In related news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now owns 43,203 shares in the company, valued at $15,379,403.94. The trade was a 18.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,981 shares of company stock valued at $27,660,117. 0.33% of the stock is currently owned by corporate insiders.

Eaton Stock Up 0.4 %

NYSE:ETN opened at $346.54 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm’s 50-day moving average price is $354.32 and its 200-day moving average price is $329.97. The company has a market capitalization of $136.95 billion, a PE ratio of 36.87, a P/E/G ratio of 2.27 and a beta of 1.06. Eaton Co. plc has a 1-year low of $236.20 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the firm earned $2.47 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts predict that Eaton Co. plc will post 10.8 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.