M&T Bank Corp Sells 5,569 Shares of Eaton Co. plc (NYSE:ETN)

M&T Bank Corp reduced its stake in Eaton Co. plc (NYSE:ETN) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 139,783 shares of the industrial products company’s stock after selling 5,569 shares during the quarter. M&T Bank Corp’s holdings in Eaton were worth $33,663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted its holdings in Eaton by 3.3% in the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock worth $317,000 after buying an additional 42 shares during the last quarter. Telemus Capital LLC increased its position in shares of Eaton by 1.0% during the fourth quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock worth $990,000 after purchasing an additional 42 shares in the last quarter. Amarillo National Bank raised its stake in Eaton by 3.5% in the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock valued at $306,000 after purchasing an additional 43 shares during the last quarter. Monument Capital Management grew its stake in Eaton by 1.9% during the 4th quarter. Monument Capital Management now owns 2,415 shares of the industrial products company’s stock valued at $582,000 after acquiring an additional 44 shares in the last quarter. Finally, Red Spruce Capital LLC raised its holdings in Eaton by 0.3% in the 4th quarter. Red Spruce Capital LLC now owns 17,522 shares of the industrial products company’s stock valued at $4,220,000 after acquiring an additional 45 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ETN. Evercore ISI upped their price target on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group lifted their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Wolfe Research reissued an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. Mizuho reiterated a “buy” rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a report on Wednesday. Finally, Citigroup lifted their price target on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $314.27.

Eaton Stock Up 2.0 %

Eaton stock traded up $6.15 during mid-day trading on Friday, reaching $320.50. 1,769,790 shares of the company’s stock were exchanged, compared to its average volume of 2,741,837. The company has a quick ratio of 1.02, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a twelve month low of $165.24 and a twelve month high of $333.05. The company has a market cap of $128.14 billion, a P/E ratio of 37.84, a P/E/G ratio of 2.49 and a beta of 1.06. The company has a fifty day moving average of $307.97 and a 200-day moving average of $261.18.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the firm posted $1.88 EPS. Eaton’s revenue for the quarter was up 8.4% on a year-over-year basis. Sell-side analysts expect that Eaton Co. plc will post 10.45 EPS for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.17%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In related news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the sale, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,969 shares of company stock valued at $10,904,774. Insiders own 0.53% of the company’s stock.

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.