Commerce Bank Sells 4,645 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Commerce Bank has reduced its stake in Eaton Corporation, PLC by 2.3%, now holding 201,392 shares valued at approximately $54.74 million.
• Insider transactions revealed significant sales, including Craig Arnold selling 103,486 shares for over $33 million, resulting in a 17.43% decrease in ownership.
• Research analysts have mixed ratings on Eaton, with target prices ranging from $375.00 to $396.00, while the stock currently has a Moderate Buy rating with an average target price of $377.89.

Commerce Bank decreased its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,392 shares of the industrial products company's stock after selling 4,645 shares during the period. Commerce Bank owned 0.05% of Eaton worth $54,744,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. IMA Advisory Services Inc. acquired a new stake in Eaton during the first quarter valued at approximately $25,000. Capital A Wealth Management LLC acquired a new position in shares of Eaton in the fourth quarter worth about $26,000. Creative Financial Designs Inc. ADV raised its holdings in shares of Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 51 shares during the period. Vermillion Wealth Management Inc. purchased a new position in Eaton during the 4th quarter worth approximately $33,000. Finally, Abound Wealth Management boosted its position in shares of Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after buying an additional 62 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of NYSE:ETN traded down $3.20 during midday trading on Friday, hitting $381.52. The company's stock had a trading volume of 2,416,764 shares, compared to its average volume of 2,049,141. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The stock has a market capitalization of $149.29 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.88 and a beta of 1.18. The stock's 50 day simple moving average is $350.92 and its 200 day simple moving average is $317.79.

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

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. Eaton's dividend payout ratio is 41.98%.

Analysts Set New Price Targets

ETN has been the subject of several research analyst reports. Morgan Stanley decreased their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. KeyCorp raised their price target on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Citigroup upped their price objective on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Evercore ISI lifted their target price on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Finally, Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research note on Saturday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 156,660 shares of company stock valued at $49,622,894. Insiders own 0.30% of the company's stock.

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.