Eaton Co. plc (NYSE:ETN) Stake Decreased by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 26,457 shares of the industrial products company’s stock after selling 1,015 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Eaton were worth $8,273,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ETN. Norges Bank bought a new stake in Eaton during the fourth quarter worth approximately $1,087,983,000. Balyasny Asset Management L.P. raised its holdings in Eaton by 2,006.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after purchasing an additional 918,936 shares in the last quarter. Capital World Investors bought a new stake in Eaton during the fourth quarter worth approximately $181,411,000. Artisan Partners Limited Partnership raised its holdings in Eaton by 207.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock worth $233,698,000 after purchasing an additional 654,855 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in Eaton by 19.9% during the fourth quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock worth $488,815,000 after purchasing an additional 337,351 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of ETN traded down $0.39 during trading hours on Friday, reaching $313.55. 2,524,471 shares of the company traded hands, compared to its average volume of 2,028,571. The stock’s fifty day moving average is $325.35 and its 200 day moving average is $292.34. The stock has a market cap of $125.36 billion, a P/E ratio of 37.02, a price-to-earnings-growth ratio of 2.64 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.88 earnings per share. Equities research analysts anticipate that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ETN. JPMorgan Chase & Co. upped their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. The Goldman Sachs Group lifted their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Bank of America lifted their price objective on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Argus lifted their price objective on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.06.

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.