Eaton Co. PLC (NYSE:ETN) Shares Sold by M&T Bank Corp

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M&T Bank Corp decreased its holdings in Eaton Co. PLC (NYSE:ETN) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 135,364 shares of the industrial products company’s stock after selling 13,656 shares during the quarter. M&T Bank Corp’s holdings in Eaton were worth $11,842,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. John G Ullman & Associates Inc. acquired a new stake in Eaton during the 2nd quarter worth about $269,000. Trustcore Financial Services LLC increased its position in shares of Eaton by 17.8% in the second quarter. Trustcore Financial Services LLC now owns 1,611 shares of the industrial products company’s stock worth $141,000 after acquiring an additional 244 shares in the last quarter. First Quadrant L P CA acquired a new stake in shares of Eaton during the second quarter valued at approximately $469,000. Pinnacle Financial Partners Inc. lifted its position in shares of Eaton by 5.9% in the 2nd quarter. Pinnacle Financial Partners Inc. now owns 94,976 shares of the industrial products company’s stock valued at $8,308,000 after acquiring an additional 5,290 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its stake in Eaton by 5.2% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 27,343 shares of the industrial products company’s stock worth $2,392,000 after purchasing an additional 1,358 shares during the period. Hedge funds and other institutional investors own 78.16% of the company’s stock.

Shares of ETN opened at $93.13 on Friday. The firm has a market cap of $37.26 billion, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 2.31 and a beta of 1.14. The company’s fifty day moving average is $89.39 and its 200-day moving average is $87.38. The company has a quick ratio of 1.28, a current ratio of 1.50 and a debt-to-equity ratio of 0.51. Eaton Co. PLC has a 12 month low of $56.42 and a 12 month high of $105.78.

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

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

ETN has been the topic of several recent analyst reports. UBS Group increased their target price on Eaton from $90.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 8th. Barclays increased their price objective on Eaton from $85.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Bank of America lowered Eaton from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 26th. They noted that the move was a valuation call. Wells Fargo & Co upped their target price on Eaton from $92.00 to $110.00 in a report on Thursday. Finally, JPMorgan Chase & Co. cut shares of Eaton from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $110.00 to $91.00 in a report on Monday, April 13th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Eaton currently has an average rating of “Buy” and a consensus price target of $95.59.

In related news, Director Michael J. Critelli sold 2,500 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $84.71, for a total transaction of $211,775.00. Following the completion of the sale, the director now directly owns 50,566 shares of the company’s stock, valued at approximately $4,283,445.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Richard H. Fearon sold 22,461 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $91.01, for a total transaction of $2,044,175.61. Following the completion of the transaction, the insider now owns 202,445 shares in the company, valued at $18,424,519.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,961 shares of company stock worth $2,661,001. 0.54% of the stock is currently owned by insiders.

Eaton 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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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