Peterson Wealth Services Sells 6,454 Shares of Eaton Corporation, PLC $ETN

Peterson Wealth Services lowered its holdings in Eaton Corporation, PLC (NYSE:ETN) by 67.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,102 shares of the industrial products company’s stock after selling 6,454 shares during the period. Peterson Wealth Services’ holdings in Eaton were worth $1,161,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Eaton by 1.4% during the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock worth $1,109,000 after acquiring an additional 45 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Eaton by 17.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock worth $303,000 after purchasing an additional 136 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Eaton by 5.6% in the 1st quarter. Empowered Funds LLC now owns 9,402 shares of the industrial products company’s stock valued at $2,556,000 after buying an additional 496 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Eaton by 2.4% in the second quarter. Valeo Financial Advisors LLC now owns 10,893 shares of the industrial products company’s stock valued at $3,889,000 after buying an additional 253 shares in the last quarter. Finally, Confluence Wealth Services Inc. increased its holdings in Eaton by 2.4% during the second quarter. Confluence Wealth Services Inc. now owns 10,294 shares of the industrial products company’s stock worth $3,675,000 after buying an additional 244 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on ETN. Sanford C. Bernstein reissued an “outperform” rating on shares of Eaton in a research report on Tuesday, January 27th. HSBC raised Eaton from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a research report on Friday, January 16th. Barclays reduced their target price on Eaton from $362.00 to $350.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 7th. UBS Group restated a “neutral” rating and issued a $360.00 price target (down previously from $440.00) on shares of Eaton in a research note on Sunday, January 4th. Finally, Royal Bank Of Canada set a $399.00 price objective on shares of Eaton in a research report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $384.30.

Insiders Place Their Bets

In other Eaton news, Director Gerald Johnson acquired 200 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was acquired at an average price of $339.89 per share, for a total transaction of $67,978.00. Following the purchase, the director directly owned 400 shares of the company’s stock, valued at $135,956. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by company insiders.

Eaton Stock Performance

NYSE:ETN opened at $359.74 on Tuesday. The stock has a 50 day simple moving average of $333.38 and a 200 day simple moving average of $354.62. The stock has a market cap of $139.72 billion, a P/E ratio of 35.97, a PEG ratio of 2.31 and a beta of 1.20. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56. The company has a current ratio of 1.28, a quick ratio of 0.79 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Tuesday, November 4th. The industrial products company reported $3.07 earnings per share for the quarter, topping the consensus estimate of $3.06 by $0.01. The firm had revenue of $6.99 billion for the quarter, compared to analysts’ expectations of $7.09 billion. Eaton had a return on equity of 24.36% and a net margin of 14.74%. Research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

About Eaton

Eaton (NYSE: ETN) is a diversified power management company that designs, manufactures and distributes products and systems to manage electrical, hydraulic and mechanical power. The company’s offerings are used to improve energy efficiency, reliability and safety across a wide range of applications, with core capabilities in electrical distribution and control, industrial hydraulics and aerospace systems.

Its product portfolio includes switchgear, circuit breakers, transformers, power distribution units, uninterruptible power supplies and surge protection devices for electrical infrastructure, along with hydraulic pumps, valves and filtration systems for industrial and mobile equipment.