Red Cedar Investment Management LLC Cuts Holdings in Eaton Co. plc (NYSE:ETN)

Red Cedar Investment Management LLC reduced its position in Eaton Co. plc (NYSE:ETN) by 12.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,313 shares of the industrial products company’s stock after selling 3,300 shares during the quarter. Eaton comprises about 0.9% of Red Cedar Investment Management LLC’s investment portfolio, making the stock its 16th biggest position. Red Cedar Investment Management LLC’s holdings in Eaton were worth $7,405,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ETN. Creative Planning raised its position in Eaton by 2.7% in the third quarter. Creative Planning now owns 181,067 shares of the industrial products company’s stock valued at $60,013,000 after purchasing an additional 4,705 shares during the period. Vontobel Holding Ltd. raised its position in Eaton by 52.6% in the third quarter. Vontobel Holding Ltd. now owns 26,611 shares of the industrial products company’s stock valued at $8,820,000 after purchasing an additional 9,174 shares during the period. B.O.S.S. Retirement Advisors LLC raised its position in Eaton by 18.4% in the third quarter. B.O.S.S. Retirement Advisors LLC now owns 1,270 shares of the industrial products company’s stock valued at $421,000 after purchasing an additional 197 shares during the period. Good Life Advisors LLC raised its position in Eaton by 46.0% in the third quarter. Good Life Advisors LLC now owns 2,839 shares of the industrial products company’s stock valued at $941,000 after purchasing an additional 895 shares during the period. Finally, Buffington Mohr McNeal raised its position in Eaton by 6.2% in the third quarter. Buffington Mohr McNeal now owns 3,402 shares of the industrial products company’s stock valued at $1,128,000 after purchasing an additional 200 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the topic of several research reports. Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Royal Bank of Canada cut their price objective on Eaton from $407.00 to $405.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Wells Fargo & Company dropped their target price on Eaton from $350.00 to $335.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, Melius Research reaffirmed a “hold” rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $369.20.

Eaton Stock Up 0.5 %

NYSE:ETN opened at $309.21 on Friday. The company has a market capitalization of $122.20 billion, a price-to-earnings ratio of 32.55, a price-to-earnings-growth 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 stock has a 50-day simple moving average of $338.45 and a 200 day simple moving average of $331.30. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 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 period in the prior year, the business earned $2.55 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 12.04 EPS for the current fiscal year.

Insider Buying and Selling at Eaton

In other Eaton news, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction that occurred 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 completion of the transaction, 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 legal filing with the SEC, which is available at this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares of the company’s stock, valued at approximately $11,811,696. The trade was a 4.33 % 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.

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.