PICTET BANK & TRUST Ltd Makes New Investment in Eaton Co. plc (NYSE:ETN)

PICTET BANK & TRUST Ltd purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) during the fourth quarter, Holdings Channel reports. The fund purchased 4,034 shares of the industrial products company’s stock, valued at approximately $1,339,000. Eaton accounts for approximately 1.3% of PICTET BANK & TRUST Ltd’s investment portfolio, making the stock its 26th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC raised its holdings in Eaton by 0.7% during the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company’s stock valued at $2,665,342,000 after buying an additional 56,516 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Eaton by 15.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,421,626 shares of the industrial products company’s stock valued at $836,938,000 after acquiring an additional 316,830 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Eaton by 32.8% in the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company’s stock worth $801,798,000 after purchasing an additional 597,700 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Eaton by 253.2% in 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 worth $753,590,000 after purchasing an additional 1,629,856 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Eaton by 1.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,436,051 shares of the industrial products company’s stock valued at $476,582,000 after purchasing an additional 13,862 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on ETN shares. Bank of America boosted their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Mizuho upped their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Jefferies Financial Group lifted 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. Barclays increased their target price on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Finally, Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $369.20.

Eaton Trading Up 0.5 %

ETN stock opened at $309.21 on Friday. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $338.45 and its 200-day moving average is $331.30. The firm has a market cap of $122.20 billion, a P/E ratio of 32.55, a P/E/G ratio of 2.37 and a beta of 1.05.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the previous year, the business earned $2.55 EPS. Equities analysts anticipate that Eaton Co. plc will post 12.04 earnings per share for the current fiscal year.

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.