Truist Financial Corp Purchases 15,598 Shares of Eaton Co. plc (NYSE:ETN)

Truist Financial Corp lifted its position in shares of Eaton Co. plc (NYSE:ETN) by 3.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 541,854 shares of the industrial products company’s stock after purchasing an additional 15,598 shares during the period. Truist Financial Corp owned 0.14% of Eaton worth $130,489,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new stake in Eaton during the fourth quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new stake in Eaton during the fourth quarter worth about $35,000. Chilton Capital Management LLC purchased a new position in shares of Eaton in the fourth quarter worth about $35,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Eaton in the third quarter worth about $39,000. Finally, Legacy Financial Group LLC purchased a new position in shares of Eaton in the third quarter worth about $43,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Up 2.3 %

Shares of NYSE:ETN traded up $7.20 during midday trading on Friday, reaching $324.30. The company’s stock had a trading volume of 2,305,692 shares, compared to its average volume of 2,383,996. The firm has a 50 day moving average of $304.82 and a 200-day moving average of $258.28. The firm has a market capitalization of $129.56 billion, a P/E ratio of 40.42, a PEG ratio of 2.63 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. Eaton Co. plc has a 12-month low of $162.04 and a 12-month high of $331.47.

Eaton (NYSE:ETN) last released its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.06 EPS. On average, research analysts anticipate that Eaton Co. plc will post 10.28 earnings per share 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. This represents a $3.76 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is 46.88%.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent research reports. Berenberg Bank lifted their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Citigroup raised their price objective 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. Wolfe Research restated an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. Bank of America raised their price objective on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $286.00 to $371.00 in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and a consensus target price of $295.60.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock worth $10,904,774 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.