Covenant Asset Management LLC Sells 224 Shares of Eaton Co. plc (NYSE:ETN)

Covenant Asset Management LLC trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 4.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,741 shares of the industrial products company’s stock after selling 224 shares during the period. Covenant Asset Management LLC’s holdings in Eaton were worth $1,573,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Myriad Asset Management US LP bought a new position in shares of Eaton during the 4th quarter worth about $1,987,000. PUREfi Wealth LLC bought a new position in shares of Eaton during the 4th quarter worth about $429,000. Quadrant Private Wealth Management LLC lifted its holdings in shares of Eaton by 32.5% during the 4th quarter. Quadrant Private Wealth Management LLC now owns 1,145 shares of the industrial products company’s stock worth $380,000 after acquiring an additional 281 shares during the period. Adell Harriman & Carpenter Inc. lifted its holdings in shares of Eaton by 2.7% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 57,615 shares of the industrial products company’s stock worth $19,121,000 after acquiring an additional 1,494 shares during the period. Finally, PICTET BANK & TRUST Ltd bought a new position in shares of Eaton during the 4th quarter worth about $1,339,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Up 0.5 %

Eaton stock opened at $309.21 on Friday. The company’s 50 day simple moving average is $338.45 and its 200 day simple moving average is $331.30. Eaton Co. plc has a fifty-two week low of $255.65 and a fifty-two week high of $379.99. The firm has a market capitalization of $122.20 billion, a price-to-earnings ratio of 32.55, a PEG ratio of 2.37 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter last year, the business posted $2.55 EPS. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.04 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ETN. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Mizuho lifted their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target for the company. in a report on Tuesday, January 28th. Finally, Wells Fargo & Company cut their price target on shares of Eaton from $350.00 to $335.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.20.

Insider Buying and Selling at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the transaction, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. 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.