Eastern Bank Sells 11,290 Shares of Eaton Corporation, PLC (NYSE:ETN)

Eastern Bank trimmed its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 5.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,041 shares of the industrial products company's stock after selling 11,290 shares during the period. Eaton makes up about 1.0% of Eastern Bank's portfolio, making the stock its 27th largest holding. Eastern Bank's holdings in Eaton were worth $51,659,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in 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 buying an additional 96 shares during the last quarter. Bearing Point Capital LLC acquired a new position in Eaton during the fourth quarter worth $2,713,000. Brighton Jones LLC increased its position in 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 last quarter. Kennebec Savings Bank increased its position in 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 last quarter. Finally, American National Bank & Trust increased its position in 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 last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on ETN. Sanford C. Bernstein reissued an "outperform" rating and set a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. Wells Fargo & Company raised 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. Royal Bank Of Canada raised 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. Citigroup raised their price target on Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, BNP Paribas began coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of "Moderate Buy" and an average price target of $377.89.

Insider Buying and Selling

In other 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 transaction of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company's stock.

Eaton Stock Down 0.8%

ETN traded down $3.20 during trading on Friday, hitting $381.52. The company had a trading volume of 2,416,712 shares, compared to its average volume of 3,052,825. The company has a market capitalization of $149.29 billion, a PE ratio of 38.50, a PEG ratio of 2.94 and a beta of 1.17. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56. The firm's 50-day moving average price is $349.71 and its 200 day moving average price is $317.50. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

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. The firm 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 for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.40 EPS. As a group, equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

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

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.