Bangor Savings Bank boosted its holdings in Eaton Co. plc (NYSE:ETN) by 1.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,632 shares of the industrial products company’s stock after purchasing an additional 256 shares during the quarter. Bangor Savings Bank’s holdings in Eaton were worth $1,885,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in ETN. Wealth Alliance increased its stake in Eaton by 88.0% in the third quarter. Wealth Alliance now owns 4,806 shares of the industrial products company’s stock valued at $490,000 after purchasing an additional 2,250 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Eaton in the third quarter valued at $503,000. Great West Life Assurance Co. Can increased its stake in Eaton by 2.8% during the third quarter. Great West Life Assurance Co. Can now owns 597,339 shares of the industrial products company’s stock worth $60,970,000 after acquiring an additional 16,217 shares during the last quarter. Kingsview Wealth Management LLC increased its stake in Eaton by 5.8% during the third quarter. Kingsview Wealth Management LLC now owns 3,744 shares of the industrial products company’s stock worth $382,000 after acquiring an additional 204 shares during the last quarter. Finally, Catalyst Private Wealth LLC acquired a new stake in Eaton during the third quarter worth about $40,000. Hedge funds and other institutional investors own 77.88% of the company’s stock.
In related news, insider Brian S. Brickhouse sold 22,758 shares of the stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $135.80, for a total transaction of $3,090,536.40. Following the completion of the sale, the insider now directly owns 15,587 shares in the company, valued at $2,116,714.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Uday Yadav sold 2,213 shares of the stock in a transaction on Friday, March 5th. The stock was sold at an average price of $135.12, for a total value of $299,020.56. Over the last three months, insiders have sold 36,740 shares of company stock valued at $4,945,066. Corporate insiders own 0.54% of the company’s stock.
Eaton (NYSE:ETN) last issued its quarterly earnings results on Monday, February 1st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.08. The firm had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.62 billion. Eaton had a return on equity of 11.94% and a net margin of 7.53%. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the company posted $1.37 EPS. As a group, equities research analysts forecast that Eaton Co. plc will post 4.17 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 30th. Stockholders of record on Tuesday, March 16th were paid a dividend of $0.76 per share. The ex-dividend date was Monday, March 15th. This is a positive change from Eaton’s previous quarterly dividend of $0.73. This represents a $3.04 annualized dividend and a dividend yield of 2.14%. Eaton’s dividend payout ratio (DPR) is currently 53.62%.
Several equities research analysts have commented on ETN shares. Zacks Investment Research lowered Eaton from a “buy” rating to a “hold” rating and set a $150.00 price target for the company. in a research note on Tuesday, April 6th. HSBC upgraded Eaton from a “hold” rating to a “buy” rating and upped their price target for the stock from $103.00 to $140.00 in a research note on Tuesday, February 16th. Barclays upped their price target on Eaton from $115.00 to $125.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 6th. Citigroup upped their target price on Eaton from $142.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday, March 31st. Finally, Berenberg Bank raised Eaton from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Monday, March 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $136.94.
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
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