Eaton Co. plc (NYSE:ETN) Stock Position Lowered by Bangor Savings Bank

Bangor Savings Bank cut its stake in Eaton Co. plc (NYSE:ETN) by 5.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,740 shares of the industrial products company’s stock after selling 108 shares during the quarter. Bangor Savings Bank’s holdings in Eaton were worth $577,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Atwood & Palmer Inc. boosted its stake in shares of Eaton by 102.4% during the 3rd quarter. Atwood & Palmer Inc. now owns 172 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 87 shares in the last quarter. City Center Advisors LLC acquired a new stake in Eaton during the third quarter worth about $226,000. New England Research & Management Inc. acquired a new position in shares of Eaton in the third quarter valued at $445,000. Bank of New Hampshire lifted its holdings in shares of Eaton by 6.4% during the 3rd quarter. Bank of New Hampshire now owns 7,768 shares of the industrial products company’s stock worth $2,575,000 after acquiring an additional 468 shares during the period. Finally, Miracle Mile Advisors LLC boosted its holdings in Eaton by 18.4% during the third quarter. Miracle Mile Advisors LLC now owns 5,753 shares of the industrial products company’s stock valued at $1,907,000 after purchasing an additional 892 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 0.5 %

ETN stock opened at $334.69 on Tuesday. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The firm has a market capitalization of $133.81 billion, a PE ratio of 39.51, a PEG ratio of 2.53 and a beta of 1.02. The business’s 50 day simple moving average is $303.32 and its 200 day simple moving average is $314.79. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. As a group, research analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ETN. Morgan Stanley started coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Raymond James cut their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Barclays lifted their price objective on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Evercore ISI dropped their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Finally, Wells Fargo & Company upped their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.47.

Insider Transactions at Eaton

In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. Company insiders own 0.53% of the company’s stock.

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.