Citizens Financial Group Inc. RI Buys 73,775 Shares of Eaton Co. plc (NYSE:ETN)

Citizens Financial Group Inc. RI lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 1,079.7% during the second quarter, Holdings Channel.com reports. The firm owned 80,608 shares of the industrial products company’s stock after acquiring an additional 73,775 shares during the period. Citizens Financial Group Inc. RI’s holdings in Eaton were worth $25,275,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. One Capital Management LLC bought a new stake in shares of Eaton during the second quarter valued at approximately $511,000. Mesirow Financial Investment Management Inc. raised its holdings in Eaton by 2.6% during the second quarter. Mesirow Financial Investment Management Inc. now owns 6,420 shares of the industrial products company’s stock worth $2,014,000 after buying an additional 164 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Eaton in the second quarter valued at $9,911,000. Fairfield Financial Advisors LTD bought a new stake in shares of Eaton during the second quarter worth about $58,000. Finally, Rathbones Group PLC lifted its position in Eaton by 13.8% in the 2nd quarter. Rathbones Group PLC now owns 30,071 shares of the industrial products company’s stock valued at $9,429,000 after acquiring an additional 3,654 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on ETN shares. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Evercore ISI cut their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Barclays lifted their target price on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Wells Fargo & Company reduced their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Jefferies Financial Group lifted their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $335.18.

Eaton Trading Up 0.8 %

Eaton stock opened at $305.80 on Monday. The stock has a market cap of $122.26 billion, a P/E ratio of 36.10, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The firm’s fifty day moving average price is $300.56 and its 200-day moving average price is $311.83. 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 results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Equities research analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insider Activity

In related news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was 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 of the company’s stock, valued at $21,451,287.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by corporate insiders.

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.