Eaton Co. plc (NYSE:ETN) Shares Purchased by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI grew its stake in Eaton Co. plc (NYSE:ETN) by 5.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,707 shares of the industrial products company’s stock after purchasing an additional 540 shares during the period. Parsons Capital Management Inc. RI’s holdings in Eaton were worth $3,553,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Horizon Bancorp Inc. IN lifted its stake in Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after buying an additional 74 shares in the last quarter. Morse Asset Management Inc purchased a new position in shares of Eaton in the third quarter valued at approximately $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton during the third quarter worth approximately $35,000. DT Investment Partners LLC purchased a new position in Eaton in the 3rd quarter valued at $37,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Eaton in the third quarter valued at about $44,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

Shares of NYSE:ETN opened at $328.38 on Monday. The stock has a market capitalization of $129.78 billion, a price-to-earnings ratio of 34.90, a PEG ratio of 2.57 and a beta of 1.06. Eaton Co. plc has a one year low of $244.35 and a one year high of $379.99. The company has a 50-day simple moving average of $353.96 and a 200-day simple moving average of $331.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last released its quarterly 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the business earned $2.47 earnings per share. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on ETN. Jefferies Financial Group boosted their price objective on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. UBS Group began 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. JPMorgan Chase & Co. decreased their target price on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Mizuho lifted their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

Insiders Place Their Bets

In other Eaton 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 transaction of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction on 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 sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is owned by corporate insiders.

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.