Atlantic Union Bankshares Corp Decreases Holdings in Eaton Corporation, PLC (NYSE:ETN)

Atlantic Union Bankshares Corp cut its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the 4th quarter worth $26,000. Creative Financial Designs Inc. ADV boosted its stake in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after acquiring an additional 51 shares during the last quarter. Murphy & Mullick Capital Management Corp purchased a new position in shares of Eaton during the 4th quarter worth $33,000. Vermillion Wealth Management Inc. purchased a new position in shares of Eaton during the 4th quarter worth $33,000. Finally, Abound Wealth Management boosted its stake in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after acquiring an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Down 0.1%

NYSE ETN traded down $0.41 during trading on Tuesday, reaching $373.26. 1,265,525 shares of the company's stock traded hands, compared to its average volume of 2,662,124. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The company's 50 day simple moving average is $339.29 and its two-hundred day simple moving average is $314.57. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $384.51. The firm has a market cap of $146.05 billion, a price-to-earnings ratio of 37.69, a price-to-earnings-growth ratio of 2.86 and a beta of 1.17.

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

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction dated 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 directly owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last 90 days. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ETN. Evercore ISI increased their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. KeyCorp increased their price objective on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group upped their price objective on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $377.89.

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.