Kornitzer Capital Management Inc. KS Reduces Stake in Eaton Co. plc (NYSE:ETN)

Kornitzer Capital Management Inc. KS trimmed its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 32.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,845 shares of the industrial products company's stock after selling 2,869 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Eaton were worth $1,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Eaton by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company's stock worth $2,665,342,000 after purchasing an additional 56,516 shares during the period. Franklin Resources Inc. lifted its holdings in Eaton by 15.1% in the third quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company's stock valued at $836,938,000 after buying an additional 316,830 shares during the period. Janus Henderson Group PLC boosted its position in Eaton by 32.8% during the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company's stock valued at $801,798,000 after acquiring an additional 597,700 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company's stock worth $753,590,000 after acquiring an additional 1,629,856 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Eaton by 1.0% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,436,051 shares of the industrial products company's stock worth $476,582,000 after acquiring an additional 13,862 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Eaton news, 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 value 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. The trade was a 18.80 % 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, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction 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 transaction, the insider now owns 31,200 shares of the company's stock, valued at $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Evercore ISI cut their target price on Eaton from $382.00 to $326.00 and set an "in-line" rating on the stock in a research report on Wednesday. UBS Group initiated coverage on Eaton in a report on Wednesday, November 13th. They set a "buy" rating and a $431.00 price target on the stock. Sanford C. Bernstein started coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an "outperform" rating and a $382.00 price objective for the company. Bank of America increased their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Finally, 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. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $366.05.

Eaton Stock Down 4.4 %

Shares of ETN stock traded down $13.57 on Friday, hitting $295.25. The stock had a trading volume of 2,691,600 shares, compared to its average volume of 3,306,905. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market cap of $116.68 billion, a price-to-earnings ratio of 31.08, a price-to-earnings-growth ratio of 2.65 and a beta of 1.05. Eaton Co. plc has a 12-month low of $255.65 and a 12-month high of $379.99. The business has a 50 day moving average of $333.15 and a 200 day moving average of $331.88.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the firm posted $2.55 earnings per share. As a group, analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

About Eaton

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.