Summit Financial Strategies Inc. Sells 140 Shares of Eaton Co. plc (NYSE:ETN)

Summit Financial Strategies Inc. reduced its stake in Eaton Co. plc (NYSE:ETN) by 7.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Other institutional investors have also modified their holdings of the company. B. Riley Wealth Advisors Inc. increased its holdings in Eaton by 48.9% during 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 stake in shares of 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 period. Dakota Wealth Management raised its holdings in shares of Eaton by 8.8% in the fourth quarter. Dakota Wealth Management now owns 49,436 shares of the industrial products company’s stock valued at $16,406,000 after acquiring an additional 4,011 shares in the last quarter. Eastover Investment Advisors LLC bought a new position in Eaton during the 4th quarter worth about $6,167,000. Finally, Neville Rodie & Shaw Inc. increased its position in 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 purchasing an additional 2,428 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly 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. Over the last three months, insiders have sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is owned by insiders.

Eaton Stock Down 0.3 %

Eaton stock opened at $368.63 on Monday. Eaton Co. plc has a fifty-two week low of $241.87 and a fifty-two week high of $379.99. The company has a market cap of $145.68 billion, a PE ratio of 39.22, a PEG ratio of 2.57 and a beta of 1.06. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The business’s 50-day simple moving average is $353.96 and its two-hundred day simple moving average is $331.47.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during 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%. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $2.47 EPS. Equities analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current year.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. UBS Group started coverage on Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Barclays boosted their target price on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Finally, Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $368.89.

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.