Argent Trust Co Has $5.66 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Argent Trust Co cut its position in shares of Eaton Co. plc (NYSE:ETN) by 1.2% during the second quarter, Holdings Channel reports. The institutional investor owned 18,048 shares of the industrial products company’s stock after selling 222 shares during the quarter. Argent Trust Co’s holdings in Eaton were worth $5,659,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Congress Wealth Management LLC DE lifted its stake in Eaton by 8.1% during the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares during the period. Norden Group LLC bought a new position in shares of Eaton in the first quarter valued at approximately $2,176,000. Weiss Asset Management LP bought a new position in shares of Eaton in the fourth quarter valued at approximately $1,001,000. Prospector Partners LLC raised its stake in shares of Eaton by 0.6% in the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after acquiring an additional 415 shares during the last quarter. Finally, Griffin Asset Management Inc. bought a new position in shares of Eaton in the first quarter valued at approximately $813,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ETN. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Citigroup initiated coverage on shares of Eaton in a research note on Monday. They issued a “buy” rating and a $348.00 target price for the company. Evercore ISI dropped their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average price target of $337.41.

Eaton Stock Performance

Shares of Eaton stock opened at $311.70 on Wednesday. The firm has a fifty day moving average of $300.17 and a two-hundred day moving average of $312.08. The stock has a market capitalization of $124.62 billion, a price-to-earnings ratio of 36.80, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating 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 business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. As a group, equities research analysts predict that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 in the last quarter. Corporate insiders own 0.53% of the company’s stock.

About Eaton

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.