R Squared Ltd Purchases Shares of 3,070 Eaton Co. plc (NYSE:ETN)

R Squared Ltd acquired a new position in shares of Eaton Co. plc (NYSE:ETN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,070 shares of the industrial products company’s stock, valued at approximately $1,019,000. Eaton comprises approximately 1.0% of R Squared Ltd’s portfolio, making the stock its 3rd biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETN. Gateway Wealth Partners LLC lifted its position in shares of Eaton by 30.2% in the 4th quarter. Gateway Wealth Partners LLC now owns 1,083 shares of the industrial products company’s stock worth $359,000 after purchasing an additional 251 shares during the period. SteelPeak Wealth LLC raised its stake in Eaton by 48.2% during the fourth quarter. SteelPeak Wealth LLC now owns 5,503 shares of the industrial products company’s stock worth $1,826,000 after buying an additional 1,789 shares during the last quarter. Mayflower Financial Advisors LLC lifted its holdings in Eaton by 1.6% in the fourth quarter. Mayflower Financial Advisors LLC now owns 3,167 shares of the industrial products company’s stock valued at $1,051,000 after buying an additional 49 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in Eaton by 147.2% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 3,523 shares of the industrial products company’s stock valued at $1,169,000 after acquiring an additional 2,098 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its holdings in Eaton by 10.5% during the 4th quarter. Perigon Wealth Management LLC now owns 6,754 shares of the industrial products company’s stock worth $2,331,000 after acquiring an additional 643 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,981 shares of company stock valued at $27,660,117. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ETN. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research note on Tuesday. JPMorgan Chase & Co. dropped their price target on Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and raised their price objective for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. UBS Group started coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Finally, Citigroup reduced their price target on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a report on Monday, January 13th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus target price of $369.30.

Eaton Stock Performance

Shares of ETN stock opened at $312.26 on Wednesday. Eaton Co. plc has a one year low of $244.35 and a one year high of $379.99. The company has a market cap of $123.41 billion, a P/E ratio of 33.22, a P/E/G ratio of 2.57 and a beta of 1.06. The firm has a 50-day moving average of $353.01 and a 200-day moving average of $331.34. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.47 EPS. Equities research analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal 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.