Maryland Capital Management reduced its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,273 shares of the industrial products company’s stock after selling 315 shares during the period. Maryland Capital Management’s holdings in Eaton were worth $505,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC lifted its holdings in shares of Eaton by 2.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 127,105 shares of the industrial products company’s stock worth $10,239,000 after acquiring an additional 3,419 shares during the last quarter. Bragg Financial Advisors Inc lifted its holdings in shares of Eaton by 5.1% during the 1st quarter. Bragg Financial Advisors Inc now owns 75,289 shares of the industrial products company’s stock worth $6,065,000 after acquiring an additional 3,630 shares during the last quarter. State of Tennessee Treasury Department lifted its holdings in shares of Eaton by 99.0% during the 1st quarter. State of Tennessee Treasury Department now owns 319,011 shares of the industrial products company’s stock worth $25,699,000 after acquiring an additional 158,715 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Eaton by 19.0% during the 1st quarter. Private Advisor Group LLC now owns 17,966 shares of the industrial products company’s stock worth $1,449,000 after acquiring an additional 2,867 shares during the last quarter. Finally, AlphaCrest Capital Management LLC bought a new stake in shares of Eaton during the 1st quarter worth $900,000. 76.66% of the stock is currently owned by institutional investors.
ETN traded up $0.56 during midday trading on Friday, reaching $83.28. The company’s stock had a trading volume of 3,083,400 shares, compared to its average volume of 2,395,683. The company has a market capitalization of $35.00 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 1.60 and a beta of 1.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.92. Eaton Co. PLC has a 1 year low of $64.46 and a 1 year high of $89.46. The company’s 50-day simple moving average is $79.08.
In related news, insider Joao V. Faria sold 4,301 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total transaction of $344,080.00. Following the transaction, the insider now owns 58,688 shares in the company, valued at $4,695,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dorothy C. Thompson acquired 1,655 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $78.54 per share, for a total transaction of $129,983.70. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.
ETN has been the subject of several recent research reports. Vertical Research raised shares of Eaton from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. Bank of America downgraded shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price target for the company. in a research note on Thursday, April 4th. Wells Fargo & Co boosted their price target on shares of Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. They noted that the move was a valuation call. Finally, Barclays restated a “sell” rating and issued a $76.00 price objective on shares of Eaton in a research report on Thursday, June 6th. Three analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. Eaton presently has an average rating of “Hold” and a consensus target price of $87.00.
Eaton Company Profile
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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