Citizens Business Bank Sells 1,100 Shares of Eaton Co. plc (NYSE:ETN)

Citizens Business Bank cut its position in shares of Eaton Co. plc (NYSE:ETN) by 49.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,135 shares of the industrial products company’s stock after selling 1,100 shares during the period. Citizens Business Bank’s holdings in Eaton were worth $273,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ETN. Tennessee Valley Asset Management Partners bought a new stake in Eaton during the 4th quarter valued at $25,000. Valued Wealth Advisors LLC bought a new stake in Eaton during the 4th quarter valued at $35,000. Chilton Capital Management LLC bought a new stake in Eaton during the 4th quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new stake in Eaton during the 3rd quarter valued at $39,000. Finally, Legacy Financial Group LLC bought a new stake in Eaton during the 3rd quarter valued at $43,000. 82.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price target on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 price target on shares of Eaton in a report on Monday, April 8th. Mizuho lifted their price target on Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. UBS Group lifted their price target on Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Berenberg Bank lifted their price target on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $295.60.

Insiders Place Their Bets

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,969 shares of company stock valued at $10,904,774. 0.33% of the stock is owned by company insiders.

Eaton Stock Performance

ETN traded down $8.15 on Tuesday, reaching $318.36. 5,279,264 shares of the stock were exchanged, compared to its average volume of 2,011,462. The company’s 50-day moving average price is $305.81 and its 200 day moving average price is $259.67. Eaton Co. plc has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. The firm has a market capitalization of $127.18 billion, a PE ratio of 40.75, a PEG ratio of 2.69 and a beta of 1.07.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the previous year, the firm posted $2.06 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Dividend Announcement

The company 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 dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. Eaton’s dividend payout ratio is currently 46.88%.

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.