Pinnacle Associates Ltd. Decreases Position in Eaton Co., PLC (ETN)

Pinnacle Associates Ltd. trimmed its holdings in shares of Eaton Co., PLC (NYSE:ETN) by 15.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 217,037 shares of the industrial products company’s stock after selling 40,318 shares during the period. Pinnacle Associates Ltd.’s holdings in Eaton were worth $17,148,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in ETN. Arrowstreet Capital Limited Partnership boosted its position in Eaton by 750.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 556,485 shares of the industrial products company’s stock worth $43,968,000 after purchasing an additional 491,085 shares during the period. Miller Howard Investments Inc. NY boosted its position in Eaton by 41.1% during the 4th quarter. Miller Howard Investments Inc. NY now owns 1,077,532 shares of the industrial products company’s stock worth $85,136,000 after purchasing an additional 313,924 shares during the period. BlackRock Inc. boosted its position in Eaton by 0.9% during the 4th quarter. BlackRock Inc. now owns 29,251,387 shares of the industrial products company’s stock worth $2,311,153,000 after purchasing an additional 255,214 shares during the period. Canada Pension Plan Investment Board boosted its position in Eaton by 91.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 375,869 shares of the industrial products company’s stock worth $28,863,000 after purchasing an additional 179,900 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Eaton by 4.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,334,366 shares of the industrial products company’s stock worth $184,438,000 after purchasing an additional 106,209 shares during the period. 74.74% of the stock is owned by hedge funds and other institutional investors.

Eaton Co., PLC (NYSE ETN) opened at $81.56 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.13 and a current ratio of 1.65. Eaton Co., PLC has a 12-month low of $69.82 and a 12-month high of $89.85. The company has a market cap of $36,001.43, a PE ratio of 17.57, a PEG ratio of 1.97 and a beta of 1.39.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.25 by $0.04. Eaton had a net margin of 14.60% and a return on equity of 12.84%. The business had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.10 billion. During the same quarter last year, the company posted $1.12 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. research analysts forecast that Eaton Co., PLC will post 5.14 EPS for the current fiscal year.

In other news, insider Nandakumar Cheruvatath sold 10,000 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $77.50, for a total transaction of $775,000.00. Following the transaction, the insider now owns 16,571 shares of the company’s stock, valued at $1,284,252.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Curtis J. Hutchins sold 14,360 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $78.36, for a total transaction of $1,125,249.60. Following the transaction, the insider now directly owns 26,596 shares in the company, valued at approximately $2,084,062.56. The disclosure for this sale can be found here. Insiders have sold 40,029 shares of company stock worth $3,195,143 in the last ninety days. Corporate insiders own 0.80% of the company’s stock.

A number of brokerages recently weighed in on ETN. Barclays began coverage on shares of Eaton in a research report on Thursday, February 15th. They set an “equal weight” rating and a $90.00 price target for the company. Argus raised shares of Eaton to a “buy” rating and upped their price target for the stock from $85.00 to $90.00 in a research report on Thursday, February 8th. Zacks Investment Research raised shares of Eaton from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Stifel Nicolaus raised shares of Eaton from a “hold” rating to a “buy” rating and upped their price objective for the company from $77.00 to $99.00 in a research report on Sunday, February 4th. Finally, Jefferies Group reissued a “hold” rating and issued a $90.00 price objective on shares of Eaton in a research report on Friday, February 2nd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Eaton has a consensus rating of “Hold” and an average price target of $87.57.

TRADEMARK VIOLATION WARNING: This report was originally published by Week Herald and is owned by of Week Herald. If you are reading this report on another site, it was illegally stolen and republished in violation of United States and international copyright laws. The original version of this report can be read at https://weekherald.com/2018/02/22/pinnacle-associates-ltd-decreases-position-in-eaton-co-plc-etn.html.

Eaton Company Profile

Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co., PLC (NYSE:ETN).

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply