Webster Bank N. A. Has $3.89 Million Holdings in Eaton Co. plc (NYSE:ETN)

Webster Bank N. A. raised its stake in Eaton Co. plc (NYSE:ETN) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,442 shares of the industrial products company’s stock after acquiring an additional 549 shares during the quarter. Webster Bank N. A.’s holdings in Eaton were worth $3,890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fragasso Group Inc. grew its position in shares of Eaton by 3.6% during the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after buying an additional 36 shares during the period. FinTrust Capital Advisors LLC boosted its stake in Eaton by 2.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 37 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Eaton by 3.3% during the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock worth $317,000 after acquiring an additional 42 shares during the last quarter. Telemus Capital LLC boosted its stake in Eaton by 1.0% during the 4th quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock worth $990,000 after acquiring an additional 42 shares during the last quarter. Finally, Amarillo National Bank boosted its stake in Eaton by 3.5% during the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock worth $306,000 after acquiring an additional 43 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ETN. Raymond James started coverage on shares of Eaton in a research note on Friday. They set an “outperform” rating and a $375.00 price objective on the stock. Argus lifted their price objective on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Bank of America boosted their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Price Performance

ETN traded down $0.39 on Friday, hitting $313.55. 2,557,711 shares of the stock were exchanged, compared to its average volume of 2,258,211. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The business has a 50-day moving average of $325.35 and a two-hundred day moving average of $292.34. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The firm has a market capitalization of $125.36 billion, a price-to-earnings ratio of 37.02, a PEG ratio of 2.63 and a beta of 1.04.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.88 earnings per share. Sell-side analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is currently owned by insiders.

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.