Capital City Trust Co. FL Cuts Stake in Eaton Corporation, PLC (NYSE:ETN)

Capital City Trust Co. FL lowered its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 2.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,967 shares of the industrial products company’s stock after selling 227 shares during the period. Capital City Trust Co. FL’s holdings in Eaton were worth $2,981,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of ETN. IMA Advisory Services Inc. purchased a new stake in Eaton in the 1st quarter worth $25,000. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the fourth quarter valued at about $26,000. Creative Financial Designs Inc. ADV increased its holdings in shares of Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 51 shares during the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton in the fourth quarter worth about $33,000. Finally, Abound Wealth Management boosted its stake in Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock valued at $40,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN stock opened at $392.29 on Friday. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $393.07. The stock has a market cap of $153.50 billion, a PE ratio of 39.59, a P/E/G ratio of 2.96 and a beta of 1.17. The company has a 50-day moving average price of $344.57 and a 200 day moving average price of $316.02.

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

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.06%. The ex-dividend date is Thursday, August 7th. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on ETN shares. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. Barclays raised their target price on shares of Eaton from $323.00 to $340.00 and gave the company an “equal weight” rating in a report on Wednesday, July 9th. KeyCorp upped their price target on shares of Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Royal Bank Of Canada increased their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. Finally, Wall Street Zen upgraded shares of Eaton from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $377.89.

Eaton Profile

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.