Atlantic Union Bankshares Corp Sells 1,269 Shares of Eaton Corporation, PLC (NYSE:ETN)

Atlantic Union Bankshares Corp trimmed its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 4.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,488 shares of the industrial products company's stock after selling 1,269 shares during the period. Atlantic Union Bankshares Corp's holdings in Eaton were worth $7,472,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock worth $3,593,000 after acquiring an additional 96 shares during the last quarter. Bearing Point Capital LLC acquired a new position in Eaton in the fourth quarter valued at about $2,713,000. Brighton Jones LLC boosted its position in shares of Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after buying an additional 164 shares during the period. Kennebec Savings Bank boosted its position in shares of Eaton by 5.4% during the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock worth $738,000 after buying an additional 139 shares during the period. Finally, American National Bank & Trust boosted its position in shares of Eaton by 5.4% during the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after buying an additional 162 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by company insiders.

Eaton Price Performance

Shares of ETN traded up $6.05 during midday trading on Wednesday, hitting $378.70. The company's stock had a trading volume of 1,119,455 shares, compared to its average volume of 2,659,606. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $384.51. The company's fifty day simple moving average is $339.29 and its two-hundred day simple moving average is $314.57. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $148.19 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 2.82 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 EPS. As a group, equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent research reports. Evercore ISI upped their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Morgan Stanley reduced their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. Wells Fargo & Company increased their price target on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada increased their price target on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $377.89.

Eaton 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.