Vest Financial LLC Acquires New Stake in Eaton Co. plc (NYSE:ETN)

Vest Financial LLC purchased a new stake in Eaton Co. plc (NYSE:ETN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,435 shares of the industrial products company's stock, valued at approximately $1,140,000.

A number of other large investors have also added to or reduced their stakes in the business. Conning Inc. increased its stake in shares of Eaton by 75.2% during the fourth quarter. Conning Inc. now owns 5,057 shares of the industrial products company's stock worth $1,678,000 after purchasing an additional 2,171 shares during the period. Generate Investment Management Ltd bought a new position in shares of Eaton during the fourth quarter worth approximately $12,678,000. Slocum Gordon & Co LLP bought a new position in Eaton during the 4th quarter worth $50,000. Realta Investment Advisors bought a new position in Eaton during the 4th quarter worth $561,000. Finally, Lecap Asset Management Ltd. bought a new position in Eaton during the 4th quarter worth $317,000. Institutional investors own 82.97% of the company's stock.

Eaton Price Performance

Shares of NYSE ETN traded down $2.18 during midday trading on Thursday, reaching $307.70. 3,015,405 shares of the company were exchanged, compared to its average volume of 3,425,982. The stock has a market cap of $121.60 billion, a P/E ratio of 32.39, a PEG ratio of 2.37 and a beta of 1.05. Eaton Co. plc has a one year low of $255.65 and a one year high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The stock's 50-day moving average price is $339.72 and its 200-day moving average price is $331.47.

Remove Ads

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results 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 return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the previous year, the company earned $2.55 EPS. On average, sell-side analysts anticipate that Eaton Co. plc will post 12.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company's 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 sale, the insider now directly owns 31,200 shares in the company, valued at $11,811,696. This represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of the company's 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 completion of the sale, the director now 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 disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Eaton from $350.00 to $348.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Citigroup lowered their target price on shares of Eaton from $440.00 to $410.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Mizuho raised their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Melius Research restated a "hold" rating and set a $373.00 price objective on shares of Eaton in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company lowered their price objective on Eaton from $350.00 to $335.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Eaton has a consensus rating of "Moderate Buy" and an average target price of $369.20.

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.