Fulton Bank N.A. Sells 1,437 Shares of Eaton Co. plc (NYSE:ETN)

Fulton Bank N.A. trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 21.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,219 shares of the industrial products company’s stock after selling 1,437 shares during the period. Fulton Bank N.A.’s holdings in Eaton were worth $1,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton in the 4th quarter valued at approximately $25,000. LifeSteps Financial Inc. bought a new stake in Eaton in the first quarter worth $25,000. Atwood & Palmer Inc. boosted its stake in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares during the period. Clear Investment Research LLC bought a new position in Eaton during the fourth quarter valued at $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton in the first quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors.

Insider Activity at Eaton

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

Eaton Stock Up 1.9 %

ETN stock traded up $5.13 during trading on Tuesday, reaching $277.65. 3,304,711 shares of the company traded hands, compared to its average volume of 2,171,169. The company has a market capitalization of $111.00 billion, a price-to-earnings ratio of 32.78, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. The business has a 50 day simple moving average of $316.57 and a 200 day simple moving average of $306.20. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s payout ratio is currently 44.39%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ETN. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. Mizuho reaffirmed a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Wells Fargo & Company decreased their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, HSBC lifted their target price on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.53.

Eaton Company 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.