First County Bank CT Sells 199 Shares of Eaton Co. plc (NYSE:ETN)

First County Bank CT cut its holdings in Eaton Co. plc (NYSE:ETN) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,133 shares of the industrial products company’s stock after selling 199 shares during the quarter. First County Bank CT’s holdings in Eaton were worth $1,609,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. LifeSteps Financial Inc. bought a new position in shares of Eaton in the 1st quarter worth $25,000. Breakwater Investment Management boosted its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the last quarter. Atwood & Palmer Inc. grew its position in shares of Eaton by 142.9% during 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 during the period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the 2nd quarter valued at about $29,000. Finally, LGT Financial Advisors LLC acquired a new stake in shares of Eaton in the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $333.02 on Friday. 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 Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The firm has a fifty day simple moving average of $300.70 and a 200 day simple moving average of $313.37. The stock has a market capitalization of $132.58 billion, a price-to-earnings ratio of 39.32, a PEG ratio of 2.53 and a beta of 1.01.

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

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated 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 completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. 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. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ETN shares. Evercore ISI lowered their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Jefferies Financial Group raised their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James dropped their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Finally, Royal Bank of Canada lowered their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $337.41.

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.