Wealthstreet Investment Advisors LLC Invests $830,000 in Eaton Co., PLC (ETN) Stock
Wealthstreet Investment Advisors LLC acquired a new position in Eaton Co., PLC (NYSE:ETN) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 10,500 shares of the industrial products company’s stock, valued at approximately $830,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Financial Counselors Inc. lifted its holdings in Eaton by 2.0% in the 3rd quarter. Financial Counselors Inc. now owns 33,149 shares of the industrial products company’s stock worth $2,546,000 after buying an additional 655 shares during the period. SFE Investment Counsel lifted its holdings in Eaton by 6.6% in the 4th quarter. SFE Investment Counsel now owns 11,614 shares of the industrial products company’s stock worth $918,000 after buying an additional 720 shares during the period. Smithfield Trust Co. lifted its holdings in Eaton by 6.8% in the 3rd quarter. Smithfield Trust Co. now owns 13,152 shares of the industrial products company’s stock worth $1,009,000 after buying an additional 837 shares during the period. Cable Hill Partners LLC lifted its holdings in Eaton by 174.8% in the 3rd quarter. Cable Hill Partners LLC now owns 1,363 shares of the industrial products company’s stock worth $105,000 after buying an additional 867 shares during the period. Finally, Hays Advisory LLC lifted its holdings in Eaton by 21.2% in the 4th quarter. Hays Advisory LLC now owns 5,089 shares of the industrial products company’s stock worth $402,000 after buying an additional 889 shares during the period. Institutional investors and hedge funds own 76.45% of the company’s stock.
In related news, insider Nandakumar Cheruvatath sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $77.50, for a total transaction of $775,000.00. Following the completion of the transaction, the insider now owns 16,571 shares of the company’s stock, valued at approximately $1,284,252.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Curtis J. Hutchins sold 14,360 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $78.36, for a total value of $1,125,249.60. Following the transaction, the insider now directly owns 26,596 shares of the company’s stock, valued at approximately $2,084,062.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,745 shares of company stock valued at $2,233,669. 0.80% of the stock is owned by corporate insiders.
Eaton (NYSE:ETN) last released its earnings results on Thursday, February 1st. The industrial products company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.04. The company had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.10 billion. Eaton had a return on equity of 12.84% and a net margin of 14.60%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.12 EPS. analysts expect that Eaton Co., PLC will post 5.14 earnings per share for the current year.
Several equities research analysts have weighed in on the company. UBS Group assumed coverage on Eaton in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $87.00 price objective for the company. Zacks Investment Research cut Eaton from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Citigroup increased their price objective on Eaton from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. Oppenheimer reiterated a “hold” rating on shares of Eaton in a report on Tuesday, October 31st. Finally, Buckingham Research began coverage on Eaton in a research note on Tuesday, October 17th. They issued a “neutral” rating and a $82.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $86.93.
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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