Ridgewood Investments LLC Decreases Stock Position in Eaton Co. PLC (NYSE:ETN)

Ridgewood Investments LLC cut its position in Eaton Co. PLC (NYSE:ETN) by 32.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,501 shares of the industrial products company’s stock after selling 3,570 shares during the period. Ridgewood Investments LLC’s holdings in Eaton were worth $710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the company. Beese Fulmer Investment Management Inc. grew its holdings in shares of Eaton by 17.2% during the third quarter. Beese Fulmer Investment Management Inc. now owns 12,237 shares of the industrial products company’s stock worth $1,018,000 after buying an additional 1,800 shares in the last quarter. Northern Oak Wealth Management Inc. acquired a new position in shares of Eaton during the 3rd quarter worth approximately $33,000. Victory Capital Management Inc. grew its position in shares of Eaton by 14.6% in the second quarter. Victory Capital Management Inc. now owns 683,592 shares of the industrial products company’s stock valued at $56,930,000 after purchasing an additional 86,979 shares in the last quarter. Wealthsource Partners LLC grew its position in shares of Eaton by 15.6% in the third quarter. Wealthsource Partners LLC now owns 6,002 shares of the industrial products company’s stock valued at $499,000 after purchasing an additional 811 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC increased its holdings in shares of Eaton by 3.2% in the second quarter. Silvercrest Asset Management Group LLC now owns 628,135 shares of the industrial products company’s stock valued at $52,311,000 after purchasing an additional 19,540 shares during the last quarter. 78.16% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Michael J. Critelli sold 10,000 shares of Eaton stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $92.00, for a total transaction of $920,000.00. Following the completion of the transaction, the director now directly owns 55,566 shares of the company’s stock, valued at $5,112,072. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Richard H. Fearon sold 34,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $90.05, for a total value of $3,061,700.00. Following the sale, the insider now owns 200,384 shares in the company, valued at $18,044,579.20. The disclosure for this sale can be found here. Insiders sold a total of 60,988 shares of company stock valued at $5,527,268 in the last quarter. Insiders own 0.70% of the company’s stock.

A number of equities analysts have weighed in on ETN shares. HSBC lowered Eaton from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $99.00 to $96.00 in a research note on Tuesday, November 12th. Citigroup lifted their price target on Eaton from $98.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, December 24th. Wells Fargo & Co boosted their price target on shares of Eaton from $100.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Robert W. Baird boosted their price target on shares of Eaton from $80.00 to $87.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, UBS Group started coverage on shares of Eaton in a report on Thursday, December 12th. They issued a “neutral” rating and a $98.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $94.00.

ETN stock traded down $0.43 during midday trading on Wednesday, hitting $93.67. 1,028,027 shares of the company’s stock were exchanged, compared to its average volume of 2,386,390. Eaton Co. PLC has a 1-year low of $67.97 and a 1-year high of $95.88. The company has a current ratio of 1.72, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $39.26 billion, a PE ratio of 17.38, a P/E/G ratio of 1.87 and a beta of 1.43. The business has a 50-day simple moving average of $94.01 and a two-hundred day simple moving average of $85.66.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.01. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.51 billion. Eaton had a return on equity of 15.15% and a net margin of 11.06%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.43 EPS. As a group, research analysts expect that Eaton Co. PLC will post 5.72 EPS for the current fiscal year.

About Eaton

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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