Central Pacific Bank Trust Division Has $2.77 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Central Pacific Bank Trust Division lowered its stake in Eaton Co. plc (NYSE:ETN) by 14.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,348 shares of the industrial products company’s stock after selling 1,381 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Eaton were worth $2,770,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Breakwater Investment Management lifted its stake in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Morse Asset Management Inc acquired a new stake in shares of Eaton in the third quarter valued at approximately $33,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton in the second quarter worth $33,000. West Financial Advisors LLC acquired a new position in Eaton during the third quarter worth $35,000. Finally, DT Investment Partners LLC acquired a new stake in Eaton in the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several analyst reports. Barclays raised their price objective on Eaton from $320.00 to $353.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Citigroup raised their price target on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Evercore ISI downgraded shares of Eaton from an “outperform” rating to an “inline” rating and boosted their target price for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Bank of America lifted their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $368.83.

Insider Activity

In other Eaton news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 76,981 shares of company stock worth $27,660,117. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of ETN traded up $10.35 during midday trading on Friday, reaching $342.31. 998,342 shares of the stock were exchanged, compared to its average volume of 1,283,131. The stock’s 50 day simple moving average is $354.71 and its 200 day simple moving average is $327.98. The company has a market cap of $135.28 billion, a P/E ratio of 36.42, a PEG ratio of 2.74 and a beta of 1.03. Eaton Co. plc has a twelve month low of $233.73 and a twelve month high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the firm posted $2.47 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, sell-side analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.10%. Eaton’s dividend payout ratio is presently 40.00%.

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.