Eaton Co. plc (NYSE:ETN) Shares Sold by OLD Second National Bank of Aurora

OLD Second National Bank of Aurora trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 3.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,541 shares of the industrial products company’s stock after selling 531 shares during the quarter. Eaton makes up about 1.2% of OLD Second National Bank of Aurora’s portfolio, making the stock its 25th biggest holding. OLD Second National Bank of Aurora’s holdings in Eaton were worth $4,547,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ETN. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton during the 4th quarter valued at about $25,000. LifeSteps Financial Inc. acquired a new position in shares of Eaton during the 1st quarter worth approximately $25,000. Atwood & Palmer Inc. grew its stake in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the period. Clear Investment Research LLC purchased a new stake in Eaton in the 4th quarter worth $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Eaton during the first quarter worth $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ETN shares. Mizuho restated a “buy” rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Jefferies Financial Group raised their target price on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group raised their price objective on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Argus upped their target price on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Raymond James initiated coverage on shares of Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $323.06.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction that occurred on Wednesday, May 8th. The shares were 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 in the company, valued at $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.

Eaton Trading Up 1.2 %

Shares of ETN traded up $4.04 during midday trading on Friday, hitting $332.86. 720,587 shares of the stock were exchanged, compared to its average volume of 1,993,856. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The firm has a market cap of $133.08 billion, a P/E ratio of 39.21, a P/E/G ratio of 2.75 and a beta of 1.02. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The stock has a fifty day simple moving average of $325.74 and a 200 day simple moving average of $297.47.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the company earned $1.88 earnings per share. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, research analysts anticipate that Eaton Co. plc will post 10.55 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio is currently 44.39%.

Eaton Company 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.