Eaton Co. plc (NYSE:ETN) Shares Sold by Bangor Savings Bank

Bangor Savings Bank lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.6% in the first quarter, HoldingsChannel reports. The firm owned 1,902 shares of the industrial products company’s stock after selling 50 shares during the quarter. Bangor Savings Bank’s holdings in Eaton were worth $595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in ETN. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton in the 4th quarter worth $25,000. Atwood & Palmer Inc. raised its stake in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares in the last quarter. Clear Investment Research LLC bought a new stake in shares of Eaton in the 4th quarter worth $29,000. Valued Wealth Advisors LLC bought a new stake in shares of Eaton in the 4th quarter worth $35,000. Finally, Chilton Capital Management LLC acquired a new position in shares of Eaton in the 4th quarter worth $35,000. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 1.0 %

Shares of ETN opened at $320.06 on Monday. The stock has a 50 day simple moving average of $324.66 and a 200-day simple moving average of $290.17. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The stock has a market cap of $127.96 billion, a PE ratio of 37.79, a PEG ratio of 2.70 and a beta of 1.04. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating 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 return on equity of 20.69% and a net margin of 14.38%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $1.88 EPS. On average, sell-side analysts predict that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.17%. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of recent research reports. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Bank of America boosted their target price on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Argus boosted their price target on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. HSBC increased their target price on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Insider Activity

In other Eaton news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.

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.