Golden State Wealth Management LLC Invests $369,000 in Eaton Co. plc (NYSE:ETN)

Golden State Wealth Management LLC acquired a new position in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,113 shares of the industrial products company’s stock, valued at approximately $369,000.

A number of other hedge funds have also added to or reduced their stakes in ETN. Brookstone Capital Management lifted its stake in Eaton by 6.7% in the 3rd quarter. Brookstone Capital Management now owns 2,766 shares of the industrial products company’s stock worth $917,000 after purchasing an additional 173 shares in the last quarter. CWM LLC raised its position in shares of Eaton by 3.2% in the third quarter. CWM LLC now owns 17,348 shares of the industrial products company’s stock worth $5,750,000 after buying an additional 537 shares in the last quarter. Cypress Wealth Services LLC bought a new stake in Eaton during the third quarter valued at $201,000. Contravisory Investment Management Inc. grew its position in Eaton by 7.0% during the third quarter. Contravisory Investment Management Inc. now owns 1,867 shares of the industrial products company’s stock worth $619,000 after buying an additional 122 shares in the last quarter. Finally, Watts Gwilliam & Co. LLC purchased a new stake in shares of Eaton in the 3rd quarter valued at about $346,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Eaton stock opened at $313.11 on Friday. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The firm has a market cap of $123.74 billion, a P/E ratio of 32.96, a P/E/G ratio of 2.27 and a beta of 1.05. 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 50-day moving average of $344.50 and a 200-day moving average of $331.06.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping 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 last year, the company posted $2.55 EPS. Sell-side analysts expect that Eaton Co. plc will post 12 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ETN shares. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research report on Tuesday, January 28th. Citigroup lowered their price objective 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. Sanford C. Bernstein started coverage on shares of Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Finally, Barclays boosted their target price on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $369.20.

Insiders Place Their Bets

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. This represents a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction that occurred on 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 sale, the director now owns 43,203 shares in the company, valued at $15,379,403.94. This represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

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.