Citizens Business Bank Trims Stake in Eaton Co. plc (NYSE:ETN)

Citizens Business Bank decreased its position in shares of Eaton Co. plc (NYSE:ETN) by 1.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,116 shares of the industrial products company’s stock after selling 34 shares during the quarter. Citizens Business Bank’s holdings in Eaton were worth $701,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Breakwater Investment Management boosted its position in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the 2nd quarter worth $29,000. Morse Asset Management Inc bought a new stake in Eaton during the third quarter valued at about $33,000. LGT Financial Advisors LLC purchased a new position in Eaton in the second quarter valued at about $33,000. Finally, West Financial Advisors LLC bought a new position in Eaton in the third quarter worth about $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Morgan Stanley started coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. UBS Group began coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Citigroup upped their target price on Eaton from $394.00 to $440.00 and gave the company a “buy” rating in a research report on Monday. Finally, Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and raised their price target for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $367.83.

Insider Activity at Eaton

In other news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,981 shares of company stock worth $24,100,317. 0.53% of the stock is owned by company insiders.

Eaton Price Performance

Shares of ETN opened at $358.55 on Wednesday. The business’s 50-day moving average is $353.40 and its two-hundred day moving average is $325.99. The company has a market capitalization of $141.70 billion, a P/E ratio of 38.14, a P/E/G ratio of 2.81 and a beta of 1.03. Eaton Co. plc has a fifty-two week low of $231.84 and a fifty-two week high of $379.99. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same period last year, the company earned $2.47 earnings per share. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

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.