Kornitzer Capital Management Inc. KS Decreases Holdings in Eaton Co. plc (NYSE:ETN)

Kornitzer Capital Management Inc. KS cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 32.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,845 shares of the industrial products company’s stock after selling 2,869 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Eaton were worth $1,940,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. boosted its position in shares of Eaton by 0.9% during the fourth quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company’s stock valued at $1,029,000 after buying an additional 28 shares during the period. Fairfield Financial Advisors LTD boosted its position in shares of Eaton by 16.2% during the third quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after buying an additional 30 shares during the period. Westmount Partners LLC boosted its position in shares of Eaton by 3.1% during the fourth quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock valued at $327,000 after buying an additional 30 shares during the period. Signal Advisors Wealth LLC boosted its position in shares of Eaton by 3.5% during the fourth quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company’s stock valued at $297,000 after buying an additional 30 shares during the period. Finally, Lantz Financial LLC boosted its position in shares of Eaton by 4.8% during the fourth quarter. Lantz Financial LLC now owns 659 shares of the industrial products company’s stock valued at $219,000 after buying an additional 30 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ETN has been the subject of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Eaton from $407.00 to $405.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Melius Research reaffirmed a “hold” rating and set a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Bank of America lifted their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein initiated coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target for the company. Finally, Barclays lifted their price target on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $366.05.

Eaton Stock Performance

Shares of ETN stock opened at $309.31 on Thursday. The business’s fifty day simple moving average is $334.15 and its 200-day simple moving average is $332.04. The company has a market cap of $122.24 billion, a PE ratio of 32.56, a PEG ratio of 2.64 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. Eaton Co. plc has a 12-month low of $255.65 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) 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 quarter in the prior year, the firm earned $2.55 EPS. Analysts expect that Eaton Co. plc will post 12.03 earnings per share for the current fiscal year.

Insider Transactions at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.33% 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.