Kornitzer Capital Management Inc. KS Lowers Holdings in Eaton Co. plc (NYSE:ETN)

Kornitzer Capital Management Inc. KS trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 32.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 5,845 shares of the industrial products company’s stock after selling 2,869 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Eaton were worth $1,940,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. Venturi Wealth Management LLC boosted its holdings in Eaton by 29.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,002 shares of the industrial products company’s stock valued at $664,000 after purchasing an additional 453 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in Eaton by 7.1% in the fourth quarter. D.A. Davidson & CO. now owns 27,572 shares of the industrial products company’s stock valued at $9,151,000 after purchasing an additional 1,838 shares during the last quarter. Citizens & Northern Corp boosted its holdings in Eaton by 348.4% in the fourth quarter. Citizens & Northern Corp now owns 4,148 shares of the industrial products company’s stock valued at $1,377,000 after purchasing an additional 3,223 shares during the last quarter. Blue Chip Partners LLC boosted its holdings in Eaton by 84.1% in the fourth quarter. Blue Chip Partners LLC now owns 49,383 shares of the industrial products company’s stock valued at $16,389,000 after purchasing an additional 22,554 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Eaton by 4.2% in the fourth quarter. CIBC Asset Management Inc now owns 60,587 shares of the industrial products company’s stock worth $20,107,000 after acquiring an additional 2,454 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were 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 approximately $11,811,696. This trade represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Down 1.2 %

ETN stock opened at $309.31 on Thursday. The company has a market cap of $122.24 billion, a price-to-earnings ratio of 32.56, a PEG ratio of 2.64 and a beta of 1.05. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12 month low of $255.65 and a 12 month high of $379.99. The firm has a 50-day moving average of $334.15 and a two-hundred day moving average of $332.04.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period in the prior year, the business posted $2.55 earnings per share. As a group, analysts forecast that Eaton Co. plc will post 12.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on ETN. Barclays upped their price objective on shares of Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Citigroup decreased their price objective on shares of Eaton from $440.00 to $410.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Jefferies Financial Group upped their price objective on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. decreased their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Finally, Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $366.05.

Eaton 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.