M&T Bank Corp Has $33.66 Million Stock Position in Eaton Co. plc (NYSE:ETN)

M&T Bank Corp lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.8% during the 4th quarter, Holdings Channel.com reports. 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners acquired a new stake in Eaton during the 4th quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new position in Eaton during the 4th quarter valued at about $35,000. Chilton Capital Management LLC purchased a new position in Eaton during the 4th quarter valued at about $35,000. Authentikos Wealth Advisory LLC acquired a new stake in Eaton in the 3rd quarter worth approximately $39,000. Finally, Fortitude Family Office LLC acquired a new stake in Eaton in the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of NYSE ETN traded up $6.15 during trading hours on Friday, reaching $320.50. The stock had a trading volume of 1,769,790 shares, compared to its average volume of 2,741,837. The business’s fifty day moving average is $307.97 and its two-hundred day moving average is $261.18. 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 price-to-earnings ratio of 37.84, a PEG ratio of 2.49 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the prior year, the business posted $1.88 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. As a group, research analysts expect that Eaton Co. plc will post 10.45 EPS for the current year.

Eaton Announces Dividend

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

Analysts Set New Price Targets

ETN has been the subject of several analyst reports. Citigroup boosted their target price on Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. JPMorgan Chase & Co. boosted their target price on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore ISI upped their price target on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. UBS Group upped their price target on Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Finally, Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $286.00 to $371.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Insider Activity

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the sale, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the sale, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is 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.