Eaton Co. PLC (NYSE:ETN) Shares Sold by Huntington National Bank

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Huntington National Bank lowered its stake in Eaton Co. PLC (NYSE:ETN) by 2.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 28,944 shares of the industrial products company’s stock after selling 783 shares during the quarter. Huntington National Bank’s holdings in Eaton were worth $2,532,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. AllSquare Wealth Management LLC acquired a new stake in shares of Eaton in the first quarter valued at about $27,000. NuWave Investment Management LLC acquired a new stake in shares of Eaton in the second quarter valued at about $32,000. Golden State Wealth Management LLC acquired a new stake in shares of Eaton in the first quarter valued at about $34,000. Lenox Wealth Management Inc. grew its stake in shares of Eaton by 53.0% in the first quarter. Lenox Wealth Management Inc. now owns 439 shares of the industrial products company’s stock valued at $34,000 after buying an additional 152 shares in the last quarter. Finally, Red Door Wealth Management LLC acquired a new stake in shares of Eaton in the first quarter valued at about $36,000. Institutional investors and hedge funds own 78.16% of the company’s stock.

NYSE:ETN opened at $93.13 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.50 and a debt-to-equity ratio of 0.51. The business’s 50 day moving average is $89.39 and its two-hundred day moving average is $87.38. Eaton Co. PLC has a 52 week low of $56.42 and a 52 week high of $105.78. The company has a market cap of $37.26 billion, a PE ratio of 24.97, a P/E/G ratio of 2.31 and a beta of 1.14.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.17. The business had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $3.65 billion. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The business’s revenue was down 29.5% on a year-over-year basis. During the same quarter last year, the business posted $1.53 EPS. As a group, sell-side analysts expect that Eaton Co. PLC will post 3.78 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Thursday, August 13th. Eaton’s dividend payout ratio (DPR) is 51.50%.

A number of research firms have recently issued reports on ETN. Barclays increased their target price on Eaton from $85.00 to $89.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. lowered Eaton from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $91.00 in a research note on Monday, April 13th. Stephens lowered Eaton from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $93.00 to $81.00 in a research note on Monday, May 4th. Bank of America lowered Eaton from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 26th. They noted that the move was a valuation call. Finally, Credit Suisse Group raised their price objective on Eaton from $94.00 to $102.00 and gave the company an “outperform” rating in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Eaton has an average rating of “Buy” and an average target price of $95.59.

In related news, Director Michael J. Critelli sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $84.71, for a total value of $211,775.00. Following the sale, the director now owns 50,566 shares of the company’s stock, valued at approximately $4,283,445.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael J. Critelli sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. Following the completion of the sale, the director now directly owns 50,566 shares in the company, valued at approximately $4,096,351.66. The disclosure for this sale can be found here. In the last three months, insiders sold 29,961 shares of company stock worth $2,661,001. Company insiders own 0.54% of the company’s stock.

About Eaton

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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Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. PLC (NYSE:ETN).

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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