Cornerstone Wealth Management LLC Acquires 385 Shares of Eaton Co. plc (NYSE:ETN)

Cornerstone Wealth Management LLC increased its stake in Eaton Co. plc (NYSE:ETN) by 22.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,108 shares of the industrial products company’s stock after purchasing an additional 385 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Eaton were worth $700,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ETN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Eaton by 253.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company’s stock valued at $753,590,000 after buying an additional 1,629,856 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after acquiring an additional 1,070,024 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Eaton by 32.8% in the third quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after acquiring an additional 597,700 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Eaton during the third quarter worth about $137,794,000. Finally, Assenagon Asset Management S.A. raised its stake in Eaton by 3,508.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 401,728 shares of the industrial products company’s stock valued at $133,321,000 after purchasing an additional 390,595 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares of the company’s stock, valued at $17,241,796.60. The trade was a 7.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the transaction, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of NYSE:ETN opened at $368.63 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12 month low of $241.87 and a 12 month high of $379.99. The company has a market capitalization of $145.68 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 2.57 and a beta of 1.06. The firm’s 50-day moving average is $353.96 and its 200 day moving average is $331.35.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the prior year, the business posted $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Research analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Bank of America increased their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. UBS Group assumed coverage on shares of Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Barclays increased their price objective on shares of Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Citigroup reduced their target price on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

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.