The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Eaton Corporation plc shares valued at $4,100,199 were sold by Okray Thomas B on May 18. At $171.10 per share, Okray Thomas B sold 23,964 shares. The insider’s holdings dropped to 7,367 shares worth approximately $1.3 million following the completion of this transaction.
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Also, Faria Joao V sold 2,500 shares, netting a total of over 445,650 in proceeds. Following the sale of shares at $178.26 each, the insider now holds 68,814 shares.
Before that, Faria Joao V had sold 2,500 shares from its account. In a trade valued at $441,763, the insider traded Eaton Corporation plc shares for $176.71 each. Upon closing the transaction, the insider’s holdings decreased to 2,500 shares, worth approximately $12.62 million.
Analyzing ETN Stock Performance
On Thursday, Eaton Corporation plc [NYSE: ETN] rose 5.22% to $176.95. The stock’s lowest price that day was $172.67, but it reached a high of $177.30 in the same session. During the last five days, there has been a surge of approximately 1.34%. Over the course of the year, Eaton Corporation plc shares have jumped approximately 12.74%. Shares of the company reached a 52-week high of $178.75 on 03/06/23 and a 52-week low of $150.86 on 01/20/23. A 50-day SMA is recorded $166.46, while a 200-day SMA reached $157.92. Nevertheless, trading volume fell to 3.86 million shares from 1.95 million shares the previous day.
Support And Resistance Levels for Eaton Corporation plc (ETN)
According to the 24-hour chart, there is a support level at 173.98, which, if violated, would cause prices to drop to 171.01. In the upper region, resistance lies at 178.61. The next price resistance is at 180.27. RSI (Relative Strength Index) is 61.26 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.20, which suggests the price will increase in the coming days. Percent R is at 4.41%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Eaton Corporation plc subject to short interest?
Stocks of Eaton Corporation plc saw a sharp steep in short interest on May 14, 2023 dropping by -0.2 million shares to 4.53 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 4.73 million shares. A decline of -4.42% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.71 of the overall float, the days-to-cover ratio (short ratio) decline to 2.71.
Which companies own the most shares of Eaton Corporation plc (ETN)?
According to The Vanguard Group, Inc. filings, the company currently owns 34,454,941 shares, which is about 8.66% of the total ETN shares outstanding. The investor’s shares have appreciated by 144,341 from its previous 13-F filing of 34310600.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $2,835,346,389. SSgA Funds Management, Inc. acquire a 8.95% interest valued at $2.76 billion while JPMorgan Investment Management, I sold a -1,218,753 stake. A total of 1,710,844 shares of Eaton Corporation plc were sold by Massachusetts Financial Services during the quarter, and 823,993 were bought by Morgan Stanley Smith Barney LLC. In its current portfolio, Fidelity Management & Research Co holds 8,743,488 shares valued at $1.46 billion.
In terms of Eaton Corporation plc share price expectations, FactSet research, analysts set an average price target of $194.56 in the next 12 months, up nearly 16.25% from the previous closing price of $168.17. Analysts anticipate Eaton Corporation plc stock to reach $221.00 by 2023, with the lowest price target being $159.00. In spite of this, 22 analysts ranked Eaton Corporation plc stock as an Overweight at the end of 2023.