Essex Savings Bank Has $1.41 Million Holdings in Eaton Corporation, PLC (NYSE:ETN)

Essex Savings Bank lifted its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 31.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,178 shares of the industrial products company’s stock after acquiring an additional 1,250 shares during the quarter. Essex Savings Bank’s holdings in Eaton were worth $1,407,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Brighton Jones LLC lifted its position in shares of Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock worth $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC lifted its position in shares of Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock worth $303,000 after purchasing an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG acquired a new position in Eaton in the fourth quarter valued at approximately $42,839,000. Principal Securities Inc. lifted its holdings in Eaton by 12.7% in the fourth quarter. Principal Securities Inc. now owns 6,873 shares of the industrial products company’s stock valued at $2,281,000 after buying an additional 777 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new position in Eaton in the fourth quarter valued at approximately $38,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on ETN. Evercore ISI increased their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Wall Street Zen upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. KeyCorp increased their price target on shares of Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target for the company. Finally, Barclays increased their price target on shares of Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $368.78.

Eaton Stock Performance

Shares of ETN stock opened at $330.45 on Wednesday. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The stock has a market cap of $129.30 billion, a PE ratio of 33.34, a price-to-earnings-growth ratio of 2.62 and a beta of 1.16. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The company’s fifty day moving average price is $307.46 and its 200-day moving average price is $314.08.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. Eaton’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.40 EPS. On average, equities analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

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.