Eaton Co. plc (NYSE:ETN) Shares Sold by UMB Bank n.a.

UMB Bank n.a. lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 26.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 106,024 shares of the industrial products company’s stock after selling 38,985 shares during the period. UMB Bank n.a.’s holdings in Eaton were worth $28,821,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new position in shares of Eaton in the 4th quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton during the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton in the 4th quarter worth about $30,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Eaton in the 4th quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling

In other Eaton news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 51,054 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now owns 489,444 shares in the company, valued at $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ETN shares. Evercore ISI raised their price target on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a report on Monday, May 19th. Morgan Stanley reduced their target price on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Barclays lowered their price target on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a report on Friday, April 4th. Wells Fargo & Company restated an “overweight” rating and set a $355.00 price objective on shares of Eaton in a research note on Monday, May 5th. Finally, BNP Paribas assumed coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Price Performance

Shares of ETN stock opened at $331.71 on Friday. The firm has a fifty day moving average of $298.11 and a two-hundred day moving average of $316.33. The firm has a market cap of $129.80 billion, a P/E ratio of 34.92, a P/E/G ratio of 2.64 and a beta of 1.16. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period in the previous year, the company earned $2.40 earnings per share. Eaton’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, research analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

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.