Sumitomo Life Insurance Co. Has $4.24 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Sumitomo Life Insurance Co. reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 12,785 shares of the industrial products company’s stock after selling 183 shares during the period. Sumitomo Life Insurance Co.’s holdings in Eaton were worth $4,243,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. R Squared Ltd acquired a new position in Eaton during the fourth quarter worth about $1,019,000. Gateway Wealth Partners LLC increased its position in Eaton by 30.2% during 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 in the last quarter. SteelPeak Wealth LLC lifted its stake in Eaton by 48.2% in the 4th quarter. SteelPeak Wealth LLC now owns 5,503 shares of the industrial products company’s stock valued at $1,826,000 after purchasing an additional 1,789 shares during the last quarter. Mayflower Financial Advisors LLC boosted its position 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 in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its stake in shares of 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 worth $1,169,000 after buying an additional 2,098 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ETN. Barclays increased their price target on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Bank of America increased their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. UBS Group assumed coverage on shares of Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Finally, Melius Research reissued a “hold” rating and set a $373.00 target price on shares of Eaton in a report on Tuesday. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $369.30.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,981 shares of company stock valued at $27,660,117 in the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Eaton Trading Up 0.2 %

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

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

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.