Atlantic Union Bankshares Corp Raises Position in Eaton Co. plc (NYSE:ETN)

Atlantic Union Bankshares Corp grew its position in Eaton Co. plc (NYSE:ETN) by 12.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 29,776 shares of the industrial products company’s stock after buying an additional 3,319 shares during the period. Atlantic Union Bankshares Corp’s holdings in Eaton were worth $9,336,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ETN. Tennessee Valley Asset Management Partners purchased a new position in shares of Eaton during the fourth quarter valued at approximately $25,000. J.W. Cole Advisors Inc. raised its holdings in shares of Eaton by 5.6% during the fourth quarter. J.W. Cole Advisors Inc. now owns 1,741 shares of the industrial products company’s stock valued at $419,000 after purchasing an additional 93 shares during the last quarter. CWM LLC raised its holdings in shares of Eaton by 2.3% during the fourth quarter. CWM LLC now owns 12,528 shares of the industrial products company’s stock valued at $3,017,000 after purchasing an additional 278 shares during the last quarter. RWA Wealth Partners LLC raised its holdings in shares of Eaton by 34.9% during the fourth quarter. RWA Wealth Partners LLC now owns 13,110 shares of the industrial products company’s stock valued at $3,157,000 after purchasing an additional 3,393 shares during the last quarter. Finally, Schnieders Capital Management LLC purchased a new position in shares of Eaton during the fourth quarter valued at approximately $225,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Analyst Ratings Changes

ETN has been the subject of several research reports. Barclays boosted their price objective on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Wells Fargo & Company reduced their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group upped their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Raymond James began coverage on shares of Eaton in a report on Friday, June 28th. They set an “outperform” rating and a $375.00 target price for the company. Finally, Argus upped their target price on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $328.00.

Eaton Price Performance

Shares of NYSE:ETN traded up $2.31 during midday trading on Friday, reaching $300.00. 1,950,652 shares of the company were exchanged, compared to its average volume of 2,173,366. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The business’s fifty day moving average is $307.69 and its two-hundred day moving average is $309.52. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The stock has a market cap of $119.94 billion, a PE ratio of 35.42, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. As a group, analysts predict that Eaton Co. plc will post 10.66 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 44.39%.

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.