Eaton Co. plc (NYSE:ETN) Position Lifted by Wesbanco Bank Inc.

Wesbanco Bank Inc. raised its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 19.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 82,673 shares of the industrial products company's stock after purchasing an additional 13,455 shares during the period. Eaton accounts for approximately 0.8% of Wesbanco Bank Inc.'s holdings, making the stock its 27th biggest holding. Wesbanco Bank Inc.'s holdings in Eaton were worth $22,473,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Capital A Wealth Management LLC acquired a new stake in Eaton during the fourth quarter valued at approximately $26,000. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton in the 4th quarter valued at approximately $27,000. Noble Wealth Management PBC bought a new stake in shares of Eaton in the 4th quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Eaton during the 4th quarter valued at approximately $33,000. Finally, Vermillion Wealth Management Inc. bought a new position in Eaton during the fourth quarter worth $33,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. BNP Paribas Exane initiated coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Barclays lowered their price objective on shares of Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a research report on Friday, April 4th. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. Citigroup upped their target price on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a report on Monday, May 5th. Finally, Morgan Stanley dropped their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $367.83.

Eaton Price Performance

NYSE:ETN opened at $331.71 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The business's 50-day moving average price is $298.11 and its 200 day moving average price is $315.95. Eaton Co. plc has a 52-week low of $231.85 and a 52-week high of $379.99. The firm has a market cap of $129.80 billion, a P/E ratio of 34.92, a PEG ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 earnings per share. As a group, sell-side analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is 41.98%.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the insider now owns 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider now owns 3,382 shares in the company, valued at approximately $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. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last quarter. 0.30% of the stock is owned by company insiders.

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.

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