First Citizens Bank & Trust Co. Reduces Stake in Eaton Co. plc (NYSE:ETN)

First Citizens Bank & Trust Co. cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 12.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,993 shares of the industrial products company’s stock after selling 6,804 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Eaton were worth $16,570,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Legal & General Group Plc raised its holdings in shares of Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares during the last quarter. Capital World Investors raised its stake in shares of Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Eaton by 15.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock valued at $412,108,000 after buying an additional 176,571 shares during the period. Jennison Associates LLC boosted its stake in shares of Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after buying an additional 1,219,790 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Eaton by 61.4% during the first quarter. Lord Abbett & CO. LLC now owns 790,182 shares of the industrial products company’s stock worth $247,074,000 after acquiring an additional 300,689 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction 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 owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton 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 $21,451,287.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 in the last three months. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ETN has been the topic of several recent research reports. Wells Fargo & Company upped their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Jefferies Financial Group increased their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Mizuho lifted their price objective on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a report on Thursday. Evercore ISI lowered their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Finally, Royal Bank of Canada cut their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $340.06.

Eaton Price Performance

Eaton stock opened at $348.17 on Friday. The company has a fifty day simple moving average of $314.01 and a 200-day simple moving average of $316.67. The firm has a market capitalization of $139.20 billion, a price-to-earnings ratio of 41.11, a PEG ratio of 2.58 and a beta of 1.02. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $349.74.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. On average, equities analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders 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 1.08%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

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.