Eaton Corporation, PLC (NYSE:ETN) Shares Bought by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. increased its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,164 shares of the industrial products company's stock after buying an additional 3,844 shares during the period. Cullen Frost Bankers Inc.'s holdings in Eaton were worth $40,547,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ETN. Capital A Wealth Management LLC purchased a new position in shares of Eaton in the 4th quarter worth about $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter worth $27,000. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Eaton in the 4th quarter valued at about $33,000. Vermillion Wealth Management Inc. bought a new stake in shares of Eaton during the 4th quarter valued at about $33,000. Finally, Creative Financial Designs Inc. ADV raised its position 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 valued at $27,000 after buying an additional 51 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of recent research reports. BNP Paribas Exane initiated coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Royal Bank Of Canada upped their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Citigroup lifted their price objective on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday. Finally, KeyCorp upped their target price on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Eaton has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

Eaton Price Performance

Shares of NYSE ETN traded up $2.33 during mid-day trading on Friday, reaching $383.05. The company's stock had a trading volume of 1,191,430 shares, compared to its average volume of 2,667,063. The stock has a market capitalization of $149.89 billion, a P/E ratio of 38.66, a P/E/G ratio of 2.74 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $387.50. The stock has a 50-day moving average of $337.91 and a two-hundred day moving average of $314.48.

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

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is presently 41.98%.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction 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 sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the 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 sale, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company's stock.

Eaton Company 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.